US dollar declines ahead of Fed statement

US dollar declines ahead of Fed statement

New York, July 27 (IANS) The US dollar dropped against most major currencies on Tuesday as investors were awaiting the closely-watched Federal Reserve statement due out Wednesday.

In late New York trading, the euro fell to $1.0986 from $1.0993 of the previous session, and the British pound rose to $1.3143 from $1.3125, Xinhua news agency reported.

The Australian dollar went up to $0.7507 from $0.7469.

The dollar bought 104.70 Japanese yen, lower than 105.78 yen of the previous session.

The dollar climbed to 0.9926 Swiss francs from 0.9860 Swiss francs, and it inched down to 1.3202 Canadian dollars from 1.3223 Canadian dollars.

The US central bank kicked off a two-day monetary meeting on Tuesday. Investors expected to get more clues of the pace of Fed’s rate-hike decisions in its after-meeting statement on Wednesday.

Analysts said although market participants don’t see the Fed officials raising interest-rate this time, recent positive economic data has bolstered overall speculation for a rate-hike by year-end.

Meanwhile, the greenback dipped more than 1 percent against Japanese yen on Tuesday as investors dialed back expectations of how much new stimulus the Bank of Japan will implement later this week.

The dollar index, which tracks the greenback against six major peers, was down 0.13 per cent at 97.160 in late trading.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here