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Forex News: Dollar Higher Before Fed Monetary Policy Decision

Dollar Higher Before Fed Monetary Policy Decision

09/18/2019 - 03:24:00 (RTTNews)

(RTTNews) - The U.S. dollar traded higher against its major counterparts in the Asian session on Wednesday, as traders await the Federal Reserve's monetary policy announcement amid hopes for a quarter-point rate cut to mitigate risks to the strength of the US economy.

The decision is due at 2 pm ET.

The Fed is widely expected to lower interest rates by another 25 basis points, taking it to between 1.75 percent and 2.00 percent.

Traders await the Fed's accompanying statement for clues about the long-term outlook for rates.

Market watchers keenly await Chairman Jerome Powell's press conference for indications about further cuts. Powell may possibly suggest chances of further cuts by reiterating a pledge that the Fed will do what it deems necessary to sustain the expansion.

The FOMC will release its latest economic projections, including the dot plot - its forecast for future rate moves.

The economic calendar also includes U.S housing starts and building permits data, due at 8:30 am ET.

The greenback strengthened to 108.27 against the yen, from a low of 108.09 hit at 7:30 pm ET. If the greenback rises further, it may find resistance around the 111.00 level.

The greenback edged higher to 0.9941 against the franc, after falling to 0.9926 at 7:15 pm ET. The greenback is likely to find resistance around the 1.01 level.

Following a 2-day decline to 1.1076 against the euro at 7:45 pm ET, the greenback reversed direction and inched up to 1.1059. The greenback is seen finding resistance around the 1.09 mark.

The greenback ticked up to 1.2481 against the pound, compared to Tuesday's closing value of 1.2499. On the upside, 1.22 is seen as the next possible resistance for the greenback.

The greenback rose to 1.3267 against the loonie, 0.6842 against the aussie and 0.6332 against the kiwi, from its early lows of 1.3241 and 0.6869 and a 2-day low of 0.6362, respectively. The next possible resistance for the greenback is seen around 1.35 against the loonie, 0.67 against the aussie and 0.62 against the kiwi.

Looking ahead, U.K. house price index for July, CPI and PPI for August, as well as Eurozone construction output for July and final consumer inflation for August are due in the European session.

In the New York session, Canada consumer price index and U.S. housing starts and building permits, all for August, are scheduled for release.

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