Dollar consolidates above 2-week low with Fed's decisions in focus

The US dollar turned higher against a majority of rivals on Wednesday, and rebounded from a 2-week low, amid anticipation of the US Federal Reserve's decisions.

The dollar index rose more than 0.1% to 92.60 points, after opening at 92.45 points, and hit a low of 92.40 points.

The US dollar lost 0.2% yesterday, in the second straight daily loss, and hit a 2-week low at 92.31 points.

The US dollar is attracting demand amid expectations that the Federal Reserve’s meeting will deliver insight on the near tightening of the US monetary policy.

The Federal Open Market Committee will decide today on the monetary policy, expected to maintain rates at near zero, the and the assets purchases program at $120 billion.

At 18:00 GMT, the Federal Reserve's interest decision will be released, and Fed Chair Jerome Powell will deliver a speech at 18:30 GMT.

The market expects that monetary policy tools will remain unchanged, but focus is on Jerome Powell's statements after the meeting, which are expected to provide insight on the future of the bond-buying program and interest rates.