Investing.com - The dollar edged lower against the other major currencies on Tuesday, as investors awaited the Federal Reserve and Bank of Japan’s upcoming policy meetings.
EUR/USD edged up 0.08% to 1.1184.
Investors remained cautious with the U.S. dollar ahead of the Fed’s monthly policy meeting, set to begin later Tuesday, amid ongoing uncertainty over a possible rate hike.
GBP/USD slipped 0.13% to 1.3012, not far from Friday’s one-month trough of 1.2992.
USD/JPY fell 0.22% to trade at 101.71, while USD/CHF slid 0.24% to 0.9777.
Market participants were also looking ahead to the BoJ’s upcoming policy meeting this week, amid speculation over a possible rate cut further into negative territory.
The Australian and New Zealand dollars were stronger, with AUD/USD up 0.23% at 0.7551 and with NZD/USD advancing 0.70% to 0.7345.
Elsewhere, USD/CAD edged up 0.08% to trade at 1.3212.
The commodity-related loonie came under pressure as oil prices moved back lower on Tuesday after Venezuela said global crude supplies needed to decline by 10% in order to bring production down to consumption levels, sparking fresh supply glut concerns.
Crude prices had rallied on Monday after Venezuela said OPEC and non-OPEC producers were close to reaching an output stabilizing deal.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.09% at 95.71.