Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Forex - U.S. Dollar Falls Ahead of Fed Rate Decision

Published 06/19/2019, 10:49 AM
Updated 06/19/2019, 10:49 AM
© Reuters.

© Reuters.

Investing.com - The U.S. dollar was lower on Wednesday as traders waited for clues on whether or not the Federal Reserve is turning more dovish.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.2% to 96.968 by 10:49 AM ET (14:49 GMT).

Ongoing trade tensions between the U.S. and China, which have slowed global growth and put downward pressure on inflation, have increased the case for the Fed cutting rates this year.

The central bank is expected to keep rates unchanged this week, but markets have priced in an 80% chance of a rate cut in July. Traders will be scanning the Fed's statement for clearer hints about the size and timing of any future moves, as well as poring over the central bank’s economic projections.

Fed Chairman Jerome Powell will hold a press conference at 2:30 PM ET (17:00 GMT).

The dollar was flat against the safe-haven Japanese yen, with USD/JPY at 108.42.

Elsewhere, the euro was stronger on the weak dollar, with EUR/USD up 0.2% to 1.1210, while sterling surged, with GBP/USD up 0.6% to 1.2626. USD/CAD fell 0.1% to 1.3357.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.