|
Dollar holds as Fed meeting starts
The US dollar held steadily against most currencies on Tuesday, amid anticipation of the Federal Reserve meeting, which has begun today and will continue until tomorrow.
The central bank is discussing monetary policy amid the latest developments of the coronavirus crisis and its impact on the US economy, which will continue to impact most economic sectors for a while.
The Fed is widely expected to keep the interest rate at 0.25% unchanged, as it had previously ruled out any rate hikes before 2022.
The greenback is still near its 2-year low in tandem with the coronavirus pandemic in the US, but multiple vaccines are being developed by major pharmaceutical companies such as Pfizer, Moderna and AstraZeneca.
The dollar index held against a basket of currencies at 93.7 points as of 19:00 GMT, after it hit a high of 94.01 and a low of 93.4.
Gold posts third straight record close
Gold prices rose during trading on Tuesday, and the precious metal hit a record close, the third in a row, amid the stability of the dollar against most major currencies.
MoreUS stocks start lower ahead of Fed meeting
The major US stocks indices fell on Tuesday, as focus turned to the Federal Reserve meeting, which will start later today and continue until tomorrow.
MorePalladium falls as dollar edges higher
Palladium futures fell on Tuesday, weighed down by the US dollar rebound against its major counterparts.
More