Dollar sticks to tight ranges ahead of widely expected Fed rate hike
Wednesday, 26 September 2018 09:14 WIB | CURRENCIES |DOLLARDolar AS

The dollar largely stuck to tight ranges on Wednesday as investors awaited policy cues from the Federal Reserve, which is widely expected to raise interest rates later in the day, and as the Sino-U.S. trade dispute dampened demand for risky assets.

Investors were also watching talks between U.S. President Donald Trump and Japanese Prime Minister Shinzo Abe due in New York later on Wednesday to see if the two countries have made progress on how to promote bilateral trade following a round of trade negotiations.

Global markets have been on edge in the past few months as the escalating Sino-U.S. trade dispute stoked uncertainty about the outlook for global growth and broader monetary policy for some developed and emerging market economies.

The dollar index, which measures the greenback against six major currencies, has slipped around 3 percent since mid-August.

The index edged higher to 94.187 on Wednesday, sitting near a 2-1/2 month low of 93.814 touched on Friday.

The dollar changed hands at 112.94 Japanese yen, close to a near 10-week high of 113.02 yen touched earlier in the session.

The Aussie advanced 0.3 percent to $0.7275. The kiwi gained 0.4 percent to $0.6676.

The euro edged down to $1.1761.

The pound, meanwhile, traded a flinch lower at $1.3177, giving up some gains after rising about half a percent during the previous session.

Source: Reuters

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