The US dollar is holding mostly steady ahead of tomorrow’s decision from the Federal Reserve. While the dollar index is a little lower today, the greenback itself is trading mixed against its major counterparts.
US dollar is higher against the pound and the euro today, although gains are rather small. Greenback is down against the yen, though, as the Bank of Japan remains steady. Speculation about what’s next for the Federal Reserve is rampant right now and that is keeping the US dollar mostly rangebound.
US dollar index is lower as Forex traders consolidate their positions and look ahead to what might be next. Some feel that the Fed won’t raise rates tomorrow and that we are more likely to see a hike toward the end of the year or even the beginning of 2016. However, there is still the chance that higher interest rates could be coming as the jobs situation has remained fairly steady and the US economy continues to recover.
At 12:49 GMT the US dollar index is down to 95.176 from the open at 95.311. EUR/USD is lower, falling to 1.1305 from the open at 1.1317. GBP/USD is also down, dropping to 1.5395 from the open at 1.5428. USD/JPY is lower, moving down to 119.7950 from the open at 120.2390.
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