{"id":3492,"date":"2023-05-03T03:40:19","date_gmt":"2023-05-03T07:40:19","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/forex\/dollar-weakens-ahead-of-conclusion-of-federal-reserve-meeting\/"},"modified":"2023-05-03T03:40:19","modified_gmt":"2023-05-03T07:40:19","slug":"dollar-weakens-ahead-of-conclusion-of-federal-reserve-meeting","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=3492","title":{"rendered":"Dollar weakens ahead of conclusion of Federal Reserve meeting"},"content":{"rendered":"<div>\n<p dir=\"ltr\">Investing.com &#8211; The U.S. dollar slipped lower in early European trade Wednesday ahead of the conclusion of the Federal Reserve\u2019s two-day policy meeting and after downbeat jobs data.<\/p>\n<p dir=\"ltr\">At 03:05 ET (07:05 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.3% lower at 101.420.<\/p>\n<p dir=\"ltr\">Traders appear to be adopting something of a defensive position ahead of the announcement from the Fed policymakers of their new monetary policy position, especially after Tuesday\u2019s data showed  fell for a third straight month in March.<\/p>\n<p dir=\"ltr\">The  is widely expected to increase interest rates once more on Wednesday, and the question then is what happens next.<\/p>\n<p dir=\"ltr\">Indeed, markets are now expecting rate cuts towards the end of the year, given the signs of a softening labor market, concerns about the health of the country\u2019s smaller banks and uncertainty over the debt ceiling.<\/p>\n<p dir=\"ltr\">\u201cInflation remains &#8216;unacceptably high&#8217;, but banking stresses are leading to a tightening of lending conditions, which will do more to slow the economy than the likely 25bp hike on Wednesday,\u201d said analysts at ING, in a note.\u00a0<\/p>\n<p dir=\"ltr\">\u201cWhile the Fed will leave the door ajar for further hikes, the need for higher policy rates is highly questionable. We expect 100bp of rate cuts before year-end.\u201d<\/p>\n<p dir=\"ltr\">Elsewhere,  rose 0.3% to 1.1030, after rising 0.2% overnight and not far below last week\u2019s one-year high of 1.1096.<\/p>\n<p dir=\"ltr\">Data on Tuesday showed  in the eurozone eased unexpectedly, but this is unlikely to stop the  from hiking interest rates once more later this week given inflation remains too high for comfort.<\/p>\n<p dir=\"ltr\">Economists polled by Reuters expect a 25 bps rise to 3.25%, but ECB board member Isabel Schnabel said last week a 50 bps increase is not off the cards.<\/p>\n<p dir=\"ltr\"> traded 0.3% higher at 1.2504, with the  also expected to tighten next week as inflation remains highly elevated.<\/p>\n<p dir=\"ltr\"> fell 0.4% to 135.93, recovering from a near two-month low as fears of a U.S. banking crisis drove up safe haven demand, while  rose 0.1% to 0.6667, extending gains after the  unexpected hike earlier this week.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/forex-news\/dollar-weakens-ahead-of-conclusion-of-federal-reserve-meeting-3070956\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Investing.com &#8211; The U.S. dollar slipped lower in early European trade Wednesday ahead of the conclusion of the Federal Reserve\u2019s two-day policy meeting and after downbeat jobs data. At 03:05 ET (07:05 GMT), the , which tracks the greenback against a basket of six other currencies, traded 0.3% lower at 101.420. Traders appear to be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[244],"tags":[83],"class_list":["post-3492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-forex","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dollar weakens ahead of conclusion of Federal Reserve meeting | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com - The U.S. dollar slipped lower in early European trade Wednesday ahead of the conclusion of the Federal Reserve\u2019s two-day policy meeting\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=3492\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar weakens ahead of conclusion of Federal Reserve meeting | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Investing.com - 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