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HomeFinance NewsDollar remains steady as market awaits Fed announcement later in day

Dollar remains steady as market awaits Fed announcement later in day

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The strength of the dollar remains evident this week, with USD/JPY leading the way higher. Treasury yields are also contributing to the dollar’s stability compared to other currencies. In contrast, the euro is facing challenges, with EUR/USD down 0.3% and approaching a critical technical level at its 200-day moving average. The outcome of the post-Fed reaction will likely hinge on whether this key level is breached, determining the direction of the pair in the near term.

USD/JPY continues to rise, up 0.5% to 151.55, while GBP/USD is slightly lower at 1.2695 despite initial reservations over soft UK CPI data. Similarly, USD/CAD is approaching the 1.3600 mark after Canadian CPI data fell short. The Australian dollar is also struggling, with AUD/USD down 0.2% as sellers aim for the 0.6500 mark following a post-RBA decline. The currency market remains dynamic, with various factors influencing the movements of major currency pairs.

Overall, the dollar’s strength in the face of global economic uncertainty is keeping investors interested, particularly with US Treasury yields maintaining their lead. While some currencies, like the euro and Australian dollar, are facing challenges, others like USD/JPY and GBP/USD are holding steady or making modest gains. The post-Fed reaction and upcoming economic data releases will likely dictate the short-term direction of major currency pairs as traders navigate through uncertainties in the forex market.

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