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Forex News: Dollar Weakening Ahead Of Fed Announcement

Dollar Weakening Ahead Of Fed Announcement

03/19/2018 - 15:06:00 (RTTNews)

(RTTNews) - The dollar is losing ground against all of its major rivals Monday afternoon. Traders are in a cautious mood ahead of Wednesday's policy decision from the Federal Reserve. The Fed will kick off its 2-day meeting tomorrow morning and is widely expected to raise interest rates by 25 basis points.

Traders are likely to keep an eye on the accompanying statement for clues about the outlook for future rate hikes.

The lack of U.S. economic data is also keeping some investors on the sidelines at the start of the trading week.

The dollar rose to an early high of $1.2257 against the Euro Monday, but has since dropped to around $1.2350.

The Eurozone trade surplus declined to a three-month low in January as exports declined amid an increase in imports, data from Eurostat showed Monday. The trade surplus came in at seasonally adjusted EUR 19.9 billion versus a EUR 23.2 billion surplus in December. This was the lowest since October 2017.

Eurozone construction output decreased for the first time in seven months in January, data from Eurostat showed Monday. Construction output fell a seasonally adjusted 2.2 percent month-over-month in January, reversing a 0.7 percent rise in December, which was revised up from a 0.1 percent increase reported earlier.

The European Union has reportedly reached a post-Brexit transitional deal, ahead of the EU summit due this week. The transitional deal enables the U.K. to continue its membership of the Single Market and customs union until the end of 2020.

The buck fell to a 1-month low of $1.4088 against the pound sterling Monday, but has since bounced back to around $1.4045.

The greenback climbed to a high of Y106.306 against the Japanese Yen this morning, but has since retreated to around Y105.845.

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