Dollar Edges Higher Fed in Focus

FxPremiere.com – FX Signals – The dollar edged higher in early European trade Wednesday, but moves have been capped ahead of the conclusion of the crucial Federal Reserve meeting later in the session.

At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 93.255, just off Tuesday’s high of 93.455, the strongest level since Aug. 23.

USD/JPY rose 0.3% to 109.54 after the Bank of Japan kept its negative interest rate and asset-buying targets unchanged earlier Wednesday, as largely expected, while flagging Covid-linked pressures on the economy.

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EUR/USD edged lower 0.1% to 1.1721, GBP/USD fell 0.1% to 1.3651, while the risk sensitive AUD/USD rose 0.2% to 0.7252, rebounding from a three-week low, helped by an improvement in risk sentiment after China Evergrande Group (HK:3333) pledged to pay the scheduled coupon on a yuan bond that is due on Thursday.

The highlight Wednesday is the conclusion of the latest Fed meeting, with traders looking to see if the central bank signals the scaling back of asset purchases later this year.

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Meanwhile, USD/HUF rose 0.1% to 300.88 and EUR/HUF climbed 0.1% to 352.70 after the Hungarian central bank increased its benchmark rate by just 15 basis points to 1.65% on Tuesday, halving the 30 bps hikes it has undertaken in each of the past three months.

The central bank is trying to balance surging inflation with the fallout from the latest wave of the global pandemic.

That outweighed any short-term relief at the news from Evergrande.

Dollar Edges Higher Fed in Focus

Dollar Edges Higher; Central Bank Meetings in Focus

Dollar Edges Higher Fed in Focus

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Dollar Down, Focus Now on Central Bank Policy Decisions

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Dollar Edges Lower Ahead

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