U.S. Dollar Steady Before Fed Meeting

The U.S. dollar loitered in familiar territory early on Tuesday with investors reluctant to do much as they waited for fresh guidance on interest rates from the Federal Reserve, while the Australian dollar rebounded from a six-month trough.

The dollar index was little changed at 84.252, largely consolidating in a slim 84.035-84.519 range since its rally to a 14-month peak on Sept. 9 ran out of steam.

The euro traded at $1.2938, also hemmed in a $1.2859-$1.2980 range after a selloff sparked by the European Central Bank’s interest rate cut early this month faded.  But keeping pressure on the ECB, the OECD on Monday urged much more aggressive stimulus to ward off the risk of deflation in a subdued euro zone.


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