The US Dollar was mixed in Asian trading earlier today but is still poised to close out the week on an up note.
The US Dollar edged higher as investors pin their collective hopes on another rate increase from the Federal Reserve.
In an unsurprising move on Wednesday the U.S. Federal Reserve outlined a plan to reduce its $4.2 trillion bond portfolio and raised interest rates a quarter percentage point.
With the Federal Reserve interest rate decision only hours away, the US Dollar firmed broadly.
Asian shares were mixed on Wednesday as traders awaited the Federal Reserve’s policy announcement that is scheduled for 6 p.m. GMT today.
The Canadian Dollar was higher versus its US counterpart after the Bank of Canada suggested that more rate hikes could occur this year.
At 2pm EST on Tuesday the U.S. Federal Reserve will announce whether or not it will be raising the benchmark interest rate.
Oil prices broke their three-day losing streak on Monday morning despite continued overdemand and increasing production in the United States.
The highly-anticipated U.S. Federal Reserve policy meeting is set to begin tomorrow, and traders are shifting their focus this week to the outcome of the meeting after focusing mostly on the U.K. elections over the weekend.
There are several high-impact news items scheduled this week, with a much fuller agenda compared to last week.
Lower oil prices had earlier put pressure on the Canadian Dollar; however, upbeat comments from the Governor of the Bank of Canada helped to temper losses.
Traders of the Pound Sterling are concerned over the possibility of big swings as the general election process continues over the next several hours.
Standard & Poor’s cut its long-term rating of Qatar by one level on Wednesday, from AA to AA- and put the country’s rating on CreditWatch with negative implications, indicating a good possibility of a further downgrade.
The US Dollar was broadly lower as investors take the cautious route as they await the outcome of a Thursday which could have market-jarring potential.
Bitcoin, perhaps the most famous cryptocurrency to date, has enjoyed more than a doubling in price this year, even after last week’s reversal that wiped off nearly $4billion of the currency’s value.