Dollar falls ahead of Federal Reserve decision, oil rises
The value of the US dollar slightly decreased on Wednesday but remained within the range of recent days against major currencies as investors await the US Federal Reserve’s decision on interest rates.
Meanwhile, oil prices rose amid escalating tensions in the Middle East and US and Saudi Arabian attacks on targets in Iraq. However, traders refrained from making large trades before the Federal Reserve’s decision announcement, and markets currently see about a 36% chance of an interest rate hike.
The dollar index fell by 0.04% to 101.38, the euro increased by 0.03% to reach 1.1389 dollars, the pound traded almost unchanged at 1.3293 dollars, and the Canadian dollar strengthened by 0.2% against the US dollar.
