US dollar is mostly lower today, pulling back as Forex traders review possibilities and prepare for the Federal Reserve policy decision later this week. Greenback has given up some of its recent gains, and the dollar index is lower today.
Greenback is heading lower against its major counterparts today, dropping after seeing some gains last week. Part of the losses are likely due to profit taking since the dollar saw some economic-related gains in recent days.
However, now Forex traders are looking ahead to this week and an upcoming Federal Reserve policy decision. While many expect the Fed to hold rates steady, there is speculation about whether or not Fed Chair Janet Yellen will hint at timing for the next interest rate hike, which some hope will be later this year. But ahead of this meeting, most traders are consolidating and waiting to see what’s next.
For now, the dollar index is down, dropping to 94.508 from the open at 94.654, thanks in large part to the gains by the euro and the yen. EUR/USD is higher, moving up to 1.1275 from the open at 1.1252. GBP/USD is also higher, gaining ground to 1.4275 from the open at 1.4270. USD/JPY is lower, dropping down to 106.64 from the open at 106.91.
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