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Dollar moves lower ahead of FOMC meeting

ForexJun 13, 2016 10:50AM ET
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© Reuters. Dollar declines against other majors as markets eye Fed decision

Investing.com - The dollar moved lower against the other major currencies on Monday, as sentiment on the greenback became fragile ahead of the Federal Reserve’s monthly policy meeting due to begin on Tuesday.

USD/JPY dropped 0.45% to 106.51, near one-and-a-half month lows of 105.75 hit earlier in the session.

Markets have pushed back expectations on the timing of the next rate hike by the U.S. central bank after a dismal U.S. employment report for May, which showed the slowest rate of jobs growth since September 2010.

Meanwhile, the safe-haven yen strengthened as weak economic data out of China and Japan on Monday hit the outlook for Asian economic growth.

Data from China showed that growth in fixed-asset investment fell below 10% for the first time since 2000 in the January to May period.

Another report showed that Japan's business survey index of sentiment at large manufacturers fell to minus 11.1 in the second quarter, from a reading of minus 7.9 in the first three months of the year.

EUR/USD rose 0.34% to 1.1290.

The dollar turned lower against the pound, with GBP/USD up 0.19% at 1.4282 and was steady against the Swiss franc, with USD/CHF at 0.9657.

Sterling came under pressure in recent sessions amid fears that a U.K. exit or Brexit from the EU in the June 23 referendum could trigger a period of uncertainty in financial markets and hit growth in the region.

An opinion poll on Friday conducted by ORB International put support for a Brexit at 53%, against 47% for remaining.

The Australian and New Zealand dollars were higher, with AUD/USD up 0.31% at 0.7397 and with NZD/USD adding 0.13% to 0.7064.

Elsewhere, USD/CAD was little changed at 1.2779.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.21% at 94.44, pulling away from a one-week high of 94.83 hit earlier Monday.

Dollar moves lower ahead of FOMC meeting
 

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