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Forex News: U.S. Dollar Falls Ahead Of Fed Policy Meeting

U.S. Dollar Falls Ahead Of Fed Policy Meeting

03/19/2019 - 07:59:00 (RTTNews)

(RTTNews) - The U.S. dollar declined against its major counterparts in the European session on Tuesday, as investors focus on the Federal Reserve's meeting kicking off today amid expectations that it would hold off further rate hikes in the wake of slowing growth and trade conflicts.

The Fed is widely expected to leave interest rates unchanged when it announces its monetary policy decision on Wednesday, although investors will keep a close eye on the accompanying statement for clues about the outlook for rates.

The Fed is expected to keep its benchmark rate in a range of 2.25 percent to 2.5 percent.

Apart from the statement, the Fed will release new economic and interest-rate projections on Wednesday.

Most analysts hope that the policymakers would cut their rate hike projection for this year from two to one or perhaps not at all.

In economic releases, U.S. factory orders and durable goods orders for January are due at 10:00 am ET.

The currency has been trading lower against its major opponents in the Asian session, barring the franc.

The greenback dropped to 0.9994 against the franc, its weakest since March 5. The next key support for the greenback is seen around the 0.98 level.

The greenback slipped to more than a 2-week low of 1.1362 against the euro, from a high of 1.1333 hit at 5:00 pm ET. On the downside, 1.15 is likely seen as the next support for the greenback.

Preliminary data from the ZEW - Leibniz Centre for European Economic Research showed that Germany's investor confidence rose sharply in March, reversing a steep fall in the previous month, to its highest level in a year.

The ZEW Indicator of Economic Sentiment for Germany rose to -3.6 from -13.4 in February, the Mannheim-based think tank said. Economists had forecast the index to rise modestly to -11.

The greenback fell to a 5-day low of 1.3310 against the pound, reversing from a high of 1.3242 touched at 5:45 pm ET. The greenback is seen finding support around the 1.35 level.

Preliminary data from the Office for National Statistics showed that UK employment level climbed to a record high in the three months to January, while the jobless rate eased to its lowest level since the mid-1970s.

Employment grew by 222,000 persons to a record 32.71 million in the three months to January. Economists had forecast an increase of 120,000.

The U.S. currency reversed from an early high of 1.3345 against the loonie, edging down to 1.3305. Next key support for the greenback is possibly seen around the 1.31 level.

The greenback held steady against the yen, after having fallen to a 5-day low of 111.16 at 10:45 pm ET. At yesterday's close, the pair was worth 111.43.

On the flip side, the greenback recovered to 0.7092 against the aussie, from an early low of 0.7111. The pair was valued at 0.7103 when it ended deals on Monday.

The greenback held steady against the kiwi, after having retreated from a high of 0.6841 hit at 8:30 pm ET. The kiwi-greenback pair was worth 0.6853 at Monday's close.

The U.S. factory orders and durable goods orders for January are slated for release in the New York session.

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