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

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.