The dollar wavered on Wednesday, while the yen regained some lost ground as investors made lastminute tweaks to positions ahead of the Federal Reserve’s policy meeting expected to initiate a US easing cycle.
The US Federal Reserve is expected to make today its first interest rate cut in more than four years. Markets pricing a 61% probability of a 50 basis point cut.
The dollar has fallen along with US yields since July and at $1.1119 per euro is not far from the year’s low at $1.1201.
The yen rose 0.7% to 141.41 per dollar on Wednesday, recouping about a third of an overnight drop. The yen was down 0.3% to 157.84 per euro.
Elsewhere, the Australian dollar traded at a two-week top at $0.6773, and the New Zealand dollar rose to $0.6196.
Sterling gained slightly at $1.3158 with its rally being driven by signs of a steadying economy and sticky inflation.
Source: Qatar News Agency