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Forex – Dollar Edges Lower Ahead of Fed Meeting


© Reuters. Dollar dips before Fed meeting

Investing.com – The dollar edged lower against a basket of the other major currencies on Tuesday as investors looked ahead to the upcoming Federal Reserve policy meeting, at which it was widely expected to deliver its third rate hike this year.

The , which measures the greenback’s strength against a basket of six major currencies, dipped 0.11% to 9.75 by 03:50 AM ET (03:50 AM GMT).

The Fed was to begin its two day policy meeting later in the day, with a quarter point rate hike widely expected by markets.

Also on the economic calendar, the Conference Board is to release its consumer confidence index for September at 10:00 AM ET (14:00 GMT).

Trade concerns remained to the fore after the U.S. and China imposed fresh tariffs on each other’s imports on Monday, escalating a trade spat which markets fear could act as a drag on global growth.

The dollar edged higher against the yen, with edging up 0.08% to 112.90.

The euro was higher, with advancing 0.17% to 1.1770, after hitting a three-and-a-half month high of 1.1814 on Monday.

The single currency remained supported after European Central Bank President Mario Draghi said the pickup in inflation in the euro zone was “relatively vigorous” and appeared confident that an acceleration in wage growth would continue.

However Draghi also reiterated a pledge to keep euro zone interest rates on hold at their current record lows “through the summer” of next year.

Sterling was a touch higher, with easing up 0.11% to 1.3130 as uncertainty over Brexit continued to cloud the outlook.

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