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Forex - U.S. Dollar Falls as Investors Wait for Fed Decision

Published 12/18/2018, 10:24 AM
© Reuters.
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Investing.com - The U.S. dollar was lower on Tuesday as investors waited for news from the Federal Reserve’s latest policy meeting.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, fell 0.14% to 96.41 as of 10:23 AM ET (15:23 GMT), after an overnight high of 96.63.

With the Fed expected to increase rates by 25 basis points for the fourth time this year on Wednesday, investors will be watching for any new comments on possible policy changes in 2019.

Fed officials, including Fed Chairman Jerome Powell, have said interest rates are nearing neutral and have become more cautious about FOMC tightening policy amid worry of slowing global growth.

U.S. President Donald Trump has also criticized the Fed for raising rates and said Monday that “it was incredible” the central bank is “even considering yet another interest rate hike.”

The dollar was down against the safe-heaven Japanese yen, with USD/JPY slumping 0.3% to 112.51.

Meanwhile, the pound was higher, with GBP/USD up 0.35% to 1.2661. The euro was also pushed up by the lower dollar, with EUR/USD rising 0.2% to 1.1372.

Elsewhere, NZD/USD increased 0.8% to 0.6861 while AUD/USD inched up 0.3% to 0.7197. The Canadian dollar decreased with USD/CAD up 0.08% to 1.3417.

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