Forex News: U.S. Dollar Ends Roughly Flat As Investors Assess

U.S. Dollar Ends Roughly Flat As Investors Assess Middle East Developments

(RTTNews) - The U.S. Dollar value changed a little on Wednesday as traders adopted a wait-and-watch approach amid conflicting reports on a possible U.S.-Iran peace deal while economists speculated that the U.S. Federal Reserve could hold the interest rates steady in its upcoming October 27-28 meeting.

Today, the U.S. Dollar Index DXY, which measures the Greenback against a basket of other major currencies, was last seen trading at 101.68, down by 0.02 (or 0.02%).

While against the Euro, the USD was trading at 1.123, up by 0.03%, against the GBP, the USD was trading at 1.339, down by 0.13%.

Against the USD, the Japanese Yen was trading at 158.136, up by 0.01%, the Swiss Franc was trading at 0.824, up by 0.01%; and the Canadian Dollar was trading at 1.405, up by 0.08%.

Against one unit of Australian Dollar, the USD was trading at 0.703, down by 0.38%.

Yesterday, Al-Araby Al-Jadeed carried a report stating that Pakistan and Qatar presented a proposal aimed to bring a resolution to the ongoing U.S.-Iran conflict.

Hours later, citing a diplomat, several other news sources mentioned that even though U.S.-Iran talks are underway, reports indicating that a deal was close was wrong.

Iran's President Masoud Pezeshkian stated that the U.S. cannot expect talks with Iran while imposing an economic blockade on Iran in addition to threatening the nation with military forces.

Speaking of an agreement with Iran, U.S. Secretary of State Marco Rubio observed that it was tough to make a deal with the Iranian regime.

With contradictory reports on an agreement between the U.S. and Iran to end their war, which is now set to enter its eighth month, traders adopted a cautious stance.

Speculation is rife that U.S. President Donald Trump's administration will likely take a decision on Iran after the mid-term elections in the U.S. are over in the first week of November.

The Strait of Hormuz continues to remain closed keeping supply disruption concerns alive. However, marine shipping tracking agency Kpler stated that traffic has improved in the recent days.

In an exclusive coverage citing three officials, Reuters reported that the U.S. State Department is preparing to issue an "ordered departure" of some personnel and family members from U.S. embassies across the gulf region. The move was due to a possible attack by Iran-linked Houthi militants.

Yesterday, Reuters reported that 94 of the 100 economists interviewed in a survey were of the view that the U.S. Federal Reserve could maintain the interest rate in the 3.75% to 4.00% range in October. However, all of them anticipated a quarter-point raise in December.

According to the CME Group's FedWatch Tool, currently investors are betting on a 14.90% chance of a 25-basis-point rate hike at the upcoming meeting of the Fed on October 27-28 while the odds on the rates being held at the current level stand at 85.10%.

Today's data from the U.S. Mortgage Bankers Association of America revealed that the Purchase Index in the U.S. decreased to 129.20 on October 16 from 139.30 of the previous week.

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