Dollar drops as investors brace for Fed’s policy decision
The dollar dropped on Wednesday morning in Asia, hovering close to the euro and yen’s peaks. Investors are awaiting the United States’ Federal Reserve’s move to start its asset tapering before its counterparts from Europe and Japan.
The U.S. Dollar Index that measures the greenback against other major currencies nudged 0.01% lower to 94.070 by 12:30 AM ET (4:30 AM GMT).
The USD/JPY pair declined 0.12% to 113.81.
The AUD/USD pair jumped 0.06% to 0.7432, while the NZD/USD pair climbed 0.14% to 0.7119.
The USD/CNY pair slid 0.01% to 6.3989, while the GBP/USD pair tallied an increase of 0.11% to 1.3630.
The Fed is set to release its latest policy setting today, with investors expecting its asset tapering timeline announcement and interest rate hike decision.
Meanwhile, the Bank of England, which was expected to make a small interest rate hike, will announce its move on Thursday.
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