USD Weaker Ahead of FOMC

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Sabtu, 13 Agustus 2016

USD Weaker Ahead of FOMC

The dollar weakened against the euro and a crowd Wednesday resources related currencies, investors were waiting to review a statement of policy update from the Federal Reserve.

The general mood in the market was "provisional" prices higher consolidated oil at $ 30 a barrel while moving in both global equity and Treasurys were muted, market strategists Scotiabank noted.

dollar bought ¥ 118.42 compared with ¥ 118.43 late Tuesday in New York. The euro was at $ 1.0897, against $ 1.0864 Tuesday.

The ICE US Dollar Index, a measure of the dollar's strength against a basket of six currencies, was down 0.6% to 98.7860.

The relaxed business environment has helped investors regain their appetite for risk, which drains support the dollar, analysts said.

Meanwhile, investors were reluctant to buy yen before the BOJ meeting later this week, said Josh O'Byrne, a currency strategist G-10 to Citigroup.

"Cross-yen investors feel better about risk. People are aware of the BOJ this week so they are less likely to be buyers of the yen," O'Byrne said.

The Canadian and Australian dollars and the Mexican peso have all been outperforming the dollar expect a rebound in oil increases.

via MarketWatch

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