Yahoo Finance U.S. Dollar Falls as Investors Wait for Fed Meeting
Investing.com - The greenback remained near two-and-a-half week lows on Tuesday as investors waited for the economic forecasts from the Federal Reserve’s meeting this week.
The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, lost 0.1% to 95.895 as of 10:38 AM ET (14:38 GMT).
The Fed is expected to keep rates unchanged at its latest policy meeting announcement on Wednesday, but the main driver will be its updated economic growth forecasts, known as the dot-plot. Weakening economic data this month has supported the Fed’s stance to be “patient” and review data before increasing rates in the near term.
The dollar was unmoved by a rise in U.S. factory orders. The U.S. Census Bureau said factory orders increased by a seasonally adjusted 0.1% in January, as American manufacturing has expanded despite worries of a global economic slowdown.
The dollar rose against the safe-haven yen, with USD/JPY rising 0.05% to 111.46.
Sterling fell as Prime Minister Theresa May is likely to ask Brussels for an extension after a planned vote on her Brexit plan was struck down. GBP/USD slipped 0.1% to 1.3242.
Elsewhere, AUD/USD was flat at 0.7102 while NZD/USD gained 0.2% to 0.6865. The loonie inched up, with USD/CAD down 0.5% to 1.3264 and EUR/USD inched up 0.04% to 1.1339.
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