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

U.S. Dollar Higher Ahead Of Fed Decision

(RTTNews) - The U.S. dollar was higher against its most major counterparts in the New York session on Tuesday, as investors awaited the Federal Reserve's interest rate decision on Wednesday.

The Fed began its two-day policy meeting today and ends on Wednesday.

The Fed is widely expected to leave its key interest rate at 4.25% to 4.5%.

Fed Chair Jerome Powell is scheduled to hold a press conference following the announcement, and investors await clues on the rate cut path.

The greenback climbed to fresh 5-week highs of 1.1518 against the euro and 1.3788 against the loonie. The greenback is seen finding resistance around 1.13 against the euro and 1.40 against the loonie.

The greenback advanced to near a 5-week high of 0.8079 against the franc and near a 2-week high of 148.80 against the yen. The greenback may find resistance around 0.88 against the franc and 150.00 against the yen.

The greenback rose to near a 2-week high of 0.6496 against the aussie and a 1-week high of 0.5942 against the kiwi. The greenback is poised to challenge resistance around 0.62 against the aussie and 0.57 against the kiwi.

In contrast, the greenback retreated to 1.3363 against the pound, from an early more than 2-month high of 1.3307. If the currency falls further, it is likely to find support around the 1.37 level.

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