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U.S. Dollar Remains Lower Versus Majors Before Fed Meeting

The dollar held declines against most major peers before the Federal Reserve begins its two-day meeting amid bets it will maintain its quantitative easing bond purchases for the foreseeable future.

The greenback is poised for its first monthly drop since January versus the euro ahead of a U.S. report tomorrow forecast to show private employers added the fewest jobs in six months. The yen fell against a majority of its most-traded counterparts, adding to monthly declines, as a global rally in equities boosted demand for higher-yielding assets. New Zealand’s dollar fell after data showed that home-building approvals unexpectedly slid in March.

“The dollar is being sold with weakening U.S. economic indicators and talks of prolonged quantitative easing,” said Yasuhiro Kaizaki, the vice president of global markets at Sumitomo Mitsui Trust Bank Ltd. in New York. “The Fed may become a little bit more cautious about its assessment on the economy.”

Bloomberg [1]

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