The dollar rose Tuesday against most of its rivals, but held within a tight trading range, as investors braced for the outcome of a two-day Federal Reserve meeting that will end Wednesday with the central bank’s policy statement.Central bank monetary policy has recently been the main force behind currency trades, after the European Central Bank hinted last week at potentially expanding its monetary stimulus while the People’s Bank of China cut interest rates for the sixth time in nearly a year. The Bank of Japan meets Friday.
The euro EURUSD, -0.0905% last traded at to $1.1041, down slightly from $1.1047 late Monday in New York. Any downside risks to the currency would now largely depend on whether the Fed moves closer to tightening monetary policy, analysts said.
The U.S. dollar USDJPY, -0.06% recently traded at 120.44 yen, down from 121.10 yen late Monday in New York.
The WSJ Dollar Index BUXX, +0.09% a measure of the dollar against a basket of major currencies, was 0.2% higher at 88.61. The ICE U.S. Dollar index DXY, +0.08% a measure of the dollar’s strength against a basket of six rivals, gained 0.1% at 96.93.
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