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Dollar Slides to Day’s Lows Ahead of Fed Meeting

Dollar slides to day’s lows ahead of Fed meeting
Dollar slides to day’s lows ahead of Fed meeting

Investing.com - The dollar slid to the lowest levels of the day against a currency basket ahead of the two-day Federal Reserve meeting beginning later Tuesday, at which it was widely expected to hike rates for the third time this year.

The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.27% to 93.61 by 10:16 AM ET (14:16 GMT).

The Fed was to begin its policy meeting later in the day, with a quarter point rate hike widely expected by markets at the conclusion of the meeting Wednesday.

Data on Tuesday showed that confidence among U.S. consumers rose to its highest level in 18 years in September, bolstered by a strong economy and robust job growth.

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Trade concerns remained to the fore after the U.S. and China imposed fresh tariffs on each other’s imports on Monday, escalating a trade spat which markets fear could act as a drag on global growth.

The dollar was little changed against the yen, with USD/JPY at 112.87.

The euro was higher, with EUR/USD advancing 0.5% to 1.1789, after hitting a three-and-a-half month high of 1.1814 on Monday.

The single currency remained supported after European Central Bank President Mario Draghi said the pickup in inflation in the euro zone was "relatively vigorous" and expressed confidence that acceleration in wage growth would continue.

However Draghi also reiterated a pledge to keep euro zone interest rates on hold at their current record lows “through the summer” of next year.

Sterling also pushed higher, with GBP/USD rising 0.32% to 1.3161, but uncertainty over Brexit continued to cloud the outlook.

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