Dollar stabilizes as markets turn to FOMC press conference

Dollar steadied against most of its major counterparts on Friday as market focus turned towards the Federal Reserve, which its meeting ends today, followed by a decision on its monetary policy.

The central bank will announce its interest rate decision, with expectations that it will be stabilized unchanged by adopting a patience approach in raising it, and will remain as such until there's more clarity in the US and global economies.

Federal Reserve Chairman Jerome Powell announced the adoption of the patience approach due to volatility in financial markets and the signs that show that the US economy will see a slowdown in growth this year.

Powell will make important announcements today at the press conference, commenting on the Federal Reserve's decision, and is expected to outline the next steps for monetary policy.

On the other hand, the results of trade negotiations between the United States and China have yet to be revealed and a US trade delegation will head to Beijing next week to discuss the trade file.

In terms of trading, by 17:00 GMT, the dollar index (against a number of major currencies) stabilized at 96.5 points, with a high of 96.5 points and a low of 96.3 points.