The dollar held on to its modest overnight gains in early Wednesday trade as traders look to any hints from the U.S. Federal Reserve on the timing and the pace of its future rate hikes.
Ahead of the Fed’s policy statement due at 1800 GMT, trading could be swayed by various month-end related flows, with Wednesday being the last trading day for settlement before month-end, traders said.
The dollar index stood at 96.651, having rebounded from a two-week low of 96.288 hit on Monday. The euro stepped back to from Monday’s high of $1.11295 to fetch $1.1065.
Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.
Latest posts by marketpulsefxstaff (see all)
- Oil Remains Near Multi-Month Lows - 6 August 2015
- U.S. Dollar Higher on Recent Data - 6 August 2015
- Greece’s PM Tsipras: Loan Deal with Lenders Close - 6 August 2015