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Forex — Dollar Higher, to remain as investors Expect the Fed to make plans for the year-end hike — Forex Stock Trade

Forex — Dollar Higher, to remain as investors Expect the Fed to make plans for the year-end hike

© Reuters. Dollar higher session, move in front of the two-day FOMC due Tuesday – The dollar rose against a basket of major currencies on Monday after strong gains in U.S. treasury yields amid rising expectations that the Federal Reserve will reaffirm its plan to hike rates at least once this year, when it closes its two-day policy-which gets underway on Tuesday.

The US dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, rose 0.26% to 91.89.

In what will be a slow day on the economic calendar for top-tier data, investors ‘ attention turned to the two-day Federal Reserve Open Market Committee (FOMC) meeting for fresh insight into the Central Bank thinks about monetary policy.

U.S. treasury yields jumped, what unwinding at the same time, a movement higher in the US currency, as investors expect to announce the Central Bank to begin its $4.5 tn bond-Portfolios, and confirm the view that a further interest rate increase remains in this year.

As well as plans for the balance sheet unwinding, the Fed’s summary of Economic projections and dot plot garner is expected to be a lot of attention to assess as investors are eager to whether the has changed, weakening inflation, the Central Bank, the longer-term view on interest rates.

«Off the balance sheet, the investor should plot focus on the summary of Economic projections and the well-known dot.» Analysts from Morgan Stanley (NYSE:MS) said in a note. «We see the biggest risk for our economy, scientists call for the status quo as a lower median and more dot the run may fall to 2.75% from 3.00%.»

The increase in the dollar weighed on the pound sterling, the negative turned to a rise to fifteen-month highs on Monday, despite the Governor of the Bank of England Mark Carney reiterated that a rate increase on the agenda in the coming months.

GBP/USD rose to $1.3488, down 0.78%, while the USD/CAD 0.33% won C$1.2231.

EUR/USD lost 0.05% to $1.1934, while EUR/GBP added 0.68% to £0.8850.

USD/JPY rose 0.64% to Y111.53.

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