Dollar pares some gains as markets await Fed’s decision

The US dollar rose against most of its major peers on Wednesday, but pared some of its gains ahead of the Federal Reserve's decision later today.

The US Federal Reserve's monthly meeting will conclude later today, amid expectations of holding the benchmark interest rate near zero.

The decision will be followed by will be followed by a press conference from the Fed Chief Jerome Powell to comment on monetary policy.

Major US companies started announcing their Q2 business results this week, led Microsoft and Alphabet, both of which reported strong profits and revenues.

Efforts to contain the coronavirus pandemic are continuing around the world, especially after the emergence of the new highly transmissible Delta variant in some countries.

The dollar index fell against a basket of major currencies by 0.1% to 92.5 points as of 17:52 GMT, after hitting a high of 92.7 points and a low of 92.4 points.