By: Barbara Zigah
Ahead of the U.S. Federal Reserve Federal Open Market Committee meetings which will be held later today and continue through tomorrow, the U.S. Dollar slipped broadly as investors took advantage of gains in earlier sessions. Analysts are speculating that the Federal Reserve will make no changes to the current monetary policy aimed at increasing liquidity in the monetary system.
As reported at 7:40 a.m. (GMT), the U.S. Dollar Index, a gauge of the greenback’s value against major currencies, was trading at 76.155 .DXY, a loss of .8% and close to 76.01 .DXY, the 1-year low hit on last week. The U.S. Dollar was also down .8% against the single currency Euro, trading at $1.4791, a 1-year low. One currency analyst in Zurich suggests that the greenback is still trending down, and expects that the Euro will trade at $1.50 by 2009 year’s end. A strong demand from Asian traders as well as options-related buying also helped to prop up the Euro against the U.S. Dollar.
In light Asian trading, the U.S. Dollar also slipped versus the Japanese Yen, trading at 91.15 Yen, a loss of 1%; versus the Swiss Franc, the U.S. Dollar lost .8% to trade at 1.0248 Francs, the lowest price in more than one year.
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Barbara Zigah
Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.
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Live FX Rates
| Symbol | Change | High | Low |
|---|
| EUR/USD | 0.0081 | 1.2623 | 1.2562 |
|---|---|---|---|
| AUD/USD | 0.0109 | 0.9879 | 0.9799 |
| EUR/GBP | 0.0031 | 0.8036 | 0.801 |
| EUR/JPY | 0.33 | 100.21 | 99.81 |
| GBP/USD | 0.0046 | 1.5716 | 1.5678 |
| USD/CAD | -0.0053 | 1.0271 | 1.0238 |
| USD/CHF | -0.0048 | 0.957 | 0.9532 |
| USD/JPY | -0.28 | 79.73 | 79.35 |
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