Forex

The U.S. Dollar index stumbles as the Fed meeting takes place

US dollar

The U.S. Dollar has once again fallen against a basket of other major currencies on Tuesday as the Federal Reserve started its schedules two-day policy meeting.

Investors are keeping close watch on the Fed’s policy meeting for hints on the decision on the central bank’s rate-hike in 2018. However, most analyst are expecting that the Fed will not hike rates at the meeting. Market expectations for a rate hike are at 5.2 percent, according to the data gathered by the CME Group’s FedWatch tool.

The dollar index, which measure the U.S. dollar’s performance against six other major currencies, decreased by 0.14 percent and was found trading at 89.179 in late trading.

In late New York trading, the euro was up by 1.2405 dollars from 1.2387 dollars in the previous session, and the British Pound was up by 1.4153 dollars from 1.4074 U.S. dollars in the previous session. The Australian dollar lost to 0.8084 dollar from 0.8099 dollars.

The U.S. dollar bought 108.78 Japanese Yen which is lower than 108.95 Yen from its previous session close. The U.S. dollar was down against the Swiss Franc from the 0.9370, and it was up at 1.2329 against the Canadian Dollar.

Meanwhile, the Conference Board Consumer Confidence Index registered 125.4 in January, up from 123.1 in December and beating market consensus.

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