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Forex News: U.S. Dollar Weakens As Investors Await Fed Announcement

U.S. Dollar Weakens As Investors Await Fed Announcement

11/02/2022 - 11:05:00 (RTTNews)

(RTTNews) - The U.S. dollar lost ground against its most major counterparts in the European session on Wednesday, as investors focus on the Federal Reserve's monetary policy decision for any shift to a slower pace of tightening in the future.

The Fed will conclude its two-day meeting at 2:00 pm ET, followed by a press conference with Chairman Jerome Powell half an hour later.

Investors expect the Fed to raise its rates by 75 basis points later today, but they are divided on the possibility of a 75- or 50-bp hike in December.

Data from payroll processor ADP showed that U.S. private sector employment increased more than expected in the month of October.

ADP said private sector employment jumped by 239,000 jobs in October after climbing by a downwardly revised 192,000 jobs in September.

Economists had expected private sector employment to advance by 195,000 jobs compared to the addition of 208,000 jobs originally reported for the previous month.

The currency has been falling against its key counterparts in the previous session.

The greenback dropped to a 5-day low of 146.82 against the yen, from a high of 148.38 set at 6 pm ET. The greenback may test support around the 144.00 region, if it falls again.

The greenback weakened to 0.9943 against the franc and 0.9915 against the euro, down from its early highs of 1.0010 and 0.9870, respectively. The greenback is seen finding support around 0.96 against the franc and 1.08 against the euro.

The greenback declined to 0.5892 against the kiwi and 0.6430 against the aussie, after rising to 0.5834 and 0.6385, respectively in early deals. The greenback is poised to find support around 0.62 against the kiwi and 0.70 against the aussie.

In contrast, the greenback was trading higher at 1.3649 against the loonie. On the upside, 1.38 is likely seen as the next resistance level for the greenback.

The greenback reversed from an early low of 1.1527 against the pound, with the pair trading at 1.1475. Next key resistance for the greenback is seen around the 1.12 region.

At 2:00 pm ET, the Fed announces its decision on interest rate. The central bank is expected to raise the target range for the federal funds rate by 75 basis points to 3.75 percent to 4.00 percent.

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