Dollar steady at 5-month low ahead of Fed meeting

Currencies Direct March 19th 2014 - < 1 minute read

The dollar climbed against some of its major peers on Wednesday
(March 19th), but remained down near a five-month low versus a
basket of currencies before the Federal Reserve’s policy meeting
later.

USD/JPY edged up to 101.55 but gains are likely to be held in
check ahead of the central bank’s announcement.

The dollar index, which measures the greenback’s strength
against a basket of currencies, was at 79.57, close to a level not
seen since last October.

Sterling advanced to pare back some recent losses, with the
GBP/USD
exchange rate
up slightly at 1.6615.

The euro was down against the dollar by 0.1 per cent, but at
1.3918 EUR/USD remains near a two-and-a-half year high.

New Zealand’s dollar is another that was down slightly against
the greenback but close to an 11-month high at 86 cents, while the
Australian dollar was near a three-month peak at just above 91
cents.

The Fed is widely
expected to scale back its monthly asset purchase programme by
another $10 billion later today, though US economic data remains
mixed.

Meanwhile, the UK Budget address is delivered by chancellor
George Osborne later and is likely to have an impact on
sterling.

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Written by
Currencies Direct

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