All eyes are turned to the Feds which is expected to trim its key lending rate by at least 25 points at the end of today's meeting. The Fed meeting comes a week after the central bank made an emergency rate cut to ward off recessionary risks.
Although the positive US durable goods orders data which was released overnight raised speculation the US central bank might avoid an aggressive cut, stock markets are nonetheless crossing their fingers for a hefty reduction.
The dollar moved higher against the Euro yesterday as a US durable goods report and a smaller than expected decline in consumer confidence raised prospects the Feds will avoid an aggressive cut in interest rates today. However, it looks like the euro is trying to gain momentum today against the greenback pushing the pair slightly to the upside to record a high of 1.4783 and a low of 1.4754
Despite the incline of the US dollar against other majors, the currency advanced slightly against the British pound however not long after that the sterling pound end fluctuating within narrow ranges as market are positioned for Feds rate decision due later today setting the pair to record at this hour a high of 1.9848 and a low of 1.9747
The dollar slipped against the Yen in Asian trade today as most players are waiting on the sidelines ahead of a key interest rate decision by the Feds dragging the pair with it to record a low of 106.53 after recording a high of 107.07
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