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Forex News: U.S. Dollar Higher Ahead Of Fed Announcement

U.S. Dollar Higher Ahead Of Fed Announcement

09/26/2018 - 07:55:00 (RTTNews)

(RTTNews) - The U.S. dollar was higher against its major counterparts in the European session on Wednesday, as investors braced for the Federal Reserve's monetary policy decision, which is widely expected to deliver a rate hike for the third time this year.

The Fed will conclude its 2-day meeting later in the day, with economists widely expecting it to raise benchmark rate by 25-basis-point to 2 percent to 2.25 percent range. That will be the highest level since April 2008.

Fed Chairman Powell will a hold press conference following the decision, which will be parsed for signals about a rate hike in December.

Besides Fed statement, investors await economic and financial forecasts for indications on the future trajectory of policy.

Meanwhile, U.S. President Donald Trump defended his "America First" policy in his address to the United Nations on Tuesday, blaming China for "abuse" in its trade practices. He adopted a tough stance on Iran and reaffirmed his rejection of globalism and the prominence of international institutions.

The currency held steady against its major rivals in the Asian session, barring the yen.

The greenback appreciated to a weekly high of 0.9687 against the franc, from a low of 0.9642 hit at 1:15 am ET. On the upside, 0.98 is possibly seen as the next resistance level for the greenback.

The greenback edged up to 1.1743 against the euro, after having dropped to 1.1776 at 3:15 am ET. If the greenback rises further, 1.15 is likely seen as its next resistance level.

The greenback reversed from an early low of 1.3184 against the pound, climbing to 1.3138. Next key resistance for the greenback is likely seen around the 1.30 level.

The greenback bounced off to 0.6653 against the kiwi and 0.7252 against the aussie, from its early 2-day low of 0.6685 and a 5-day low of 0.7283, respectively. The next likely resistance for the greenback is seen around 0.65 against the kiwi and 0.70 against the aussie.

The greenback rose back to 112.96 against the yen, just few pips short of a multi-month peak of 113.03 hit at 8:00 pm ET. The greenback is seen finding resistance around the 115.00 level.

The greenback recovered to 1.2960 against the loonie, from a low of 1.2945 hit at 10:00 pm ET. The greenback is poised to find resistance around the 1.31 region.

Looking ahead, U.S. new home sales data for August is due in the European session.

At 2:00 pm ET, the Fed announces its decision on interest rates. Economists expect the federal funds rate to be raised to 2 percent to 2.25 percent range.

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