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.


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