U.S. Dollar Struggles as Fed Meeting Looms

The U.S. dollar nursed modest losses early on Tuesday, having slipped broadly in a sluggish session overnight on expectations of more dovish comments from the Federal Reserve.

The greenback eased to 107.83 yen, retreating from Monday’s near three-week peak of 108.38. It also ceded a bit of ground against the euro, which last traded at $1.2698 off Monday’s low of $1.2665.

The common currency had risen as high as $1.2723, but failed to break through resistance around $1.2727, a level representing the 50 percent retracement of its Oct 21-23 fall from $1.2841 to $1.2614.

CNBC

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.