The U.S. dollar advanced on Tuesday trading ahead of U.S. retail sales report and Fed meeting.
The green currency rose against majors before the release of retail sales report, which could have surged by 1.1% in February, the highest in five months, thereby providing more evidence the U.S. economy is on the right track and does not need further stimulus.
Following the improvement seen recently in the U.S. economy, according to the most recent data, the Fed probably will hold monetary policy and thus keep non-standard measures unchanged.
Last week, U.S. non-farm payrolls showed that the world's largest economy added 227,000 jobs last month, higher than forecasts of 210,000, while the prior reading of 243,000 was upwardly revised to 284,000.
The U.S. dollar index (USDIX) is moving around 80.00 after opening today's trading at 79.87, according to the dollar index, which tracks the dollar's movements versus a basket of major currencies.
Against the yen, the greenback rose to hit 11-month high, after the BoJ kept interest rate steady at 0.10% and ahead of the Fed meeting, to trade around 82.65 after recording a high of 82.79 and a low of 81.94.The expected trading range for today is among key support at 81.25 and key resistance now at 83.30.
Moreover, the euro retreated despite the sign of Greece's second bailout and better-than-expected rise in German investor confidence.
Yesterday, euro area finance chiefs signed off on Greece's 130 billion euro aid package, where the official consent will be given on March 14, to enable the debt-trapped nation to receive a tranche of 5.9 billion euro this month which will be followed by other installments over the coming months.
On the other hand, German investor confidence, ZEW survey (Economic Sentiment), rose to 22.3 in March, above estimates of 10.0 and compared with a prior of 5.4.
The EUR/USD pair is currently hovering around 1.3117, where the day's high was touched at 1.3190 and the low was recorded at 1.3106.The suggested trading range for today is among key support at 1.2930 and key resistance at 1.3375.
Moving to the British pound, the curreny appreciated against the green currency after a house-price index showed a soar to 19-month high last month, while goods trade balance although showed a widening deficit yet came better than forecasts.
The pair is trading around 1.5655 after recording a high of 1.5672 and a low of 1.5632, where the trading range for today is among key support at 1.5420 and key resistance at 1.5880.