Sun, 27 Sep 2020

U.S. dollar edges down as traders eye Fed meeting

Xinhua
16 Sep 2020, 06:05 GMT+10

NEW YORK, Sept. 15 (Xinhua) -- The U.S. dollar fell modestly in late trading on Tuesday as market participants paid close attention to a key policy meeting by the Federal Reserve.

The dollar index, which measures the greenback against six major peers, was down 0.01 percent at 93.0501.

In late New York trading, the euro was down to 1.1853 U.S. dollars from 1.1863 dollars in the previous session, and the British pound rose to 1.2897 dollars from 1.2853 U.S. dollars in the previous session. The Australian dollar rose to 0.7308 U.S. dollar from 0.7291 dollar.

The U.S. dollar bought 105.45 Japanese yen, lower than 105.70 Japanese yen of the previous session. The U.S. dollar rose to 0.9079 Swiss franc from 0.9078 Swiss franc, and it rose to 1.3180 Canadian dollars from 1.3178 Canadian dollars.

The U.S. central bank kicked off its two-day policy meeting on Tuesday.

"One of the highlights of this week Fed's policy meeting is likely to be greater clarity on the implementation of the shift towards an average inflation target," analysts at UBS said in a note.

"The move will make it easier for the Fed to tolerate moderately higher levels of inflation before tightening policy," they said.

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