U.S. Dollar Steadies before FOMC Meeting

The dollar licked its wounds in early Asian trading on Monday, steadying against major counterparts ahead of the U.S. Federal Reserve’s policy-setting meeting following a testing week which saw it tumble to two-year lows against the euro.

Economists and market participants widely expect Federal Open Market Committee members to hold steady on purchasing $85 billion of assets next month when they meet on Tuesday and Wednesday. Most expect the central bank to delay tapering its stimulus to at least March next year.

Investors will also keep a wary eye on Chinese short-term rates, after they surged last week to their highest level since the June credit crunch.

CNBC

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