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Forex - U.S. Dollar Rises Ahead of Fed, Euro Flat After Forecast Cut

Forex Nov 08, 2018 10:23AM ET
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© Reuters. The U.S. dollar rose on Thursday.

Investing.com - The dollar was higher against other currencies on Thursday as investors looked ahead to the Federal Reserve meeting, while the euro recovered slightly after the European Commission cut its growth forecast for Italy.

The Commission forecast that the Italian economy will grow slower than Rome thinks over the next two years, making the government budget deficit higher. The Italian government has come head-to-head with the Commission, which says Italy’s 2019 draft budget breaks EU fiscal rules.

The euro was trading at 1.1439 as of 10:22 AM ET (15:22 GMT), after EUR/USD fell to a session low of 1.1411 after the news.

Meanwhile, the dollar gained steam, as investors wait for the latest policy announcement of the Fed.

While the Fed is not expected to increase rates, traders will look for any new signs of the central bank's plans for hikes in December and beyond.

The Fed releases its statement at 2:00 PM ET (19:00 GMT) and is likely to indicate economic growth will keep it on track for one more rate hike before the end of the year.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, rose 0.15% to 95.95.

The dollar rose against the Japanese yen, with USD/JPY up 0.12% 113.66. The Canadian dollar also rose, with USD/CAD falling 0.14% to 1.3094.

Sterling was lower over Brexit uncertainty. GBP/USD was down 0.05% to 1.3121.

Forex - U.S. Dollar Rises Ahead of Fed, Euro Flat After Forecast Cut
 

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