US dollar strengthened ahead of Fed meeting
The US dollar (USD) strengthened on Wednesday, with the DXY Index hovering around 107.00, ahead of the Federal Open Market Committee (FOMC) interest rate decision.
With markets widely expecting a 25 basis point rate cut, the focus will be on Federal Reserve Chairman Jerome Powell’s comments and the publication of the dot plot, each FOMC member’s projections of where they see interest rates going in the medium to long term.
The US economic calendar ahead of the Fed meeting is relatively quiet. Building Permits and Housing Starts data for November are due for release.
No major moves are expected from these figures, although they may add to any particular confidence traders may have.
Source: FXStreet