Article by ForexTime
Markets were quiet during the Asian session as all eyes are on the Federal Reserve policy meeting.
No policy action is expected today by the FOMC but investors wait for fresh guidance and any hints on when it might deliver its next hike in interest rates. A more hawkish tone from the Fed will be positive for the dollar.
EUR/USD was trading in a very tight range during the session around the $1.11 level.
GBP/USD traded near $1.4150 after falling from Friday’s high of $1.4437, pressured lower by concerns on whether Britain would leave the European Union. The latest polls suggest the “Brexit” supporters had overtaken those who wanted to stay in the EU.
Sterling will be in focus today as UK jobs data are out, while Chancellor of the Exchequer releases the Budget.
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USD/JPY rose to 113.40 while EUR/JPY came close to 126.00 yen.
The New Zealand dollar was knocked down after a disappointing fall in dairy prices, which is New Zealand’s most valuable export. The fortnightly Global Dairy Trade auction data weighed on the kiwi, which briefly dipped below 66 US cents to a two-week low.
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