Dollar Up Marginally Ahead Of Fed Policy
(RTTNews) - The dollar gained a bit against some of its major counterparts, and shed ground against a few others on Tuesday, as traders awaited the Federal Reserve's monetary policy announcement, and key economic data, including a report on consumer price inflation.
The Fed is widely expected to leave interest rates unchanged, traders are likely to pay close attention to the accompanying statement as well as officials' latest projections for the economy and interest rates.
The Labor Department is scheduled to release its report on consumer price inflation for May on Wednesday. Economists expect consumer prices to inch up by 0.1% after an increase of 0.3% in April.
Core consumer prices, which exclude food and energy prices, are expected to increase by 0.3% for the second straight month.
The annual rate of growth by consumer prices is expected to come in unchanged at 3.4%, but the annual rate of core consumer price growth is expected to slow to 3.5% in May from 3.6% in April.
The dollar index climbed to 105.46 a little before noon, but pared some gains as the session progressed, and was at 105.27 a little while ago, up 0.11% from the previous close.
Against the Euro, the dollar was up at 1.0740, gaining about 0.3%. The dollar was down slightly against Pound Sterling at 1.2737, after having firmed to 1.2706 earlier in the day.
Against the Japanese currency, the dollar gained marginally to 157.13 yen. The dollar gained slightly against the Aussie at 0.6607. The Swiss franc was a bit weak against the dollar at CHF 0.8976, while the Loonie declined marginally against the dollar at 1.3759.
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