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Forex News: U.S. Dollar Higher Before Fed Statement

U.S. Dollar Higher Before Fed Statement

03/17/2021 - 03:59:00 (RTTNews)

(RTTNews) - The U.S. dollar appreciated against its key counterparts in the Asian session on Wednesday, as investors awaited the outcome of the Federal Reserve's two-day monetary policy meeting due later in the day.

The Fed will conclude its March meeting at 2:00 pm ET.

The central bank is widely expected to leave interest rates unchanged, but traders will be paying close attention to any changes in the accompanying statement.

Market participants are focused on the Fed's outlook for rates and the economy amid improving economic situation.

All eyes are on Powell's comments regarding the central bank's plans to address rising yields in the future.

Traders also await U.S. reports on housing starts and building permits for more direction.

The greenback gained to 109.21 against the yen and 0.9263 against the franc, off its early lows of 108.96 and 0.9243, respectively. The greenback is seen finding resistance around 112.00 against the yen and 0.94 against the franc.

The greenback rebounded to 0.7724 against the aussie, 0.7173 against the kiwi and 1.2459 against the loonie, from its prior lows of 0.7747 and 0.7195 and more than a 3-year low of 1.2434, respectively. If the greenback rises further, it may find resistance around 0.75 against the aussie, 0.68 against the kiwi and 1.27 against the loonie.

The greenback recovered to 1.1896 against the euro, from a low of 1.1908 seen in earlier deals. On the upside, 1.16 is seen as the next possible resistance for the greenback.

In contrast, the greenback fell to a 2-day low of 1.3922 against the pound, compared to Tuesday's close of 1.3891. The currency is poised to challenge support around the 1.41 mark.

Looking ahead, Eurozone CPI for February and construction output for January are scheduled for release in the European session.

Canada CPI and U.S. housing starts and building permits, all for February, are due out in the New York session.

At 2:00 pm ET, the Fed announces its decision on interest rate. Economists widely expect the federal funds rate to be kept at 0 - 0.25 percent.

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