Dollar Edges Lower amid Fed Meeting

Forex Signals  – The FX dollar slipped marginally lower in early European trade Tuesday, but just off multi-week highs ahead of the latest two-day meeting of the Federal Reserve.

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At 2:50 AM ET (0750 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was 0.1% lower at 90.442, but this was still near the top of its recent range.

FX Signals – Dollar Down With Investors Looking to Thursday’s ECB Meeting

USD/JPY gained marginally to 110.09, just off a hit a seven-session high, GBP/USD was flat at 1.4112, and EUR/USD rose 0.1% to 1.2127, just above a one-month low of 1.2093 it hit last week, The risk-sensitive AUD/USD was flat at 0.7711, with the Reserve Bank of Australia releasing the minutes from its latest meeting earlier in the day.

Fed officials, led by Chairman Jerome Powell, have been insistent that these inflationary pressures will be transitory and ultra-easy monetary settings will stay in place for some time to come. However, with positioning heavily loaded against the dollar, traders are wary of any shift in tone with a potential discussion about tapering its bond-buying.

Dollar Down Ahead of US Fed Policy Meeting

“The Fed meeting is the last big event before the summer period and will likely set the market tone for the coming weeks. We expect caution will prevail and the dollar may ultimately lose some support,” said analysts at ING, in a research note.

Ahead of the Fed’s statement and news conference on Wednesday, markets will eye U.S. retail sales and PPI data for May as well as the NY Empire State manufacturing survey later on Tuesday, as the Fed officials will be using these numbers to help guide their decisions.

Dollar Weakens Ahead of Fed Meeting

Nearly 60% of economists in a Reuters poll expect a tapering announcement in the next quarter.

Dollar Edges Lower amid Fed Meeting

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Dollar Edges Lower amid Fed Meeting