Dollar Mixed Ahead of FOMC

The US Dollar Index continued to climb during the Asian trading session on Friday as investors’ concerns abated over a possible trade war induced by the Trump administration. Markets are instead focusing on the upcoming policy meeting of the US Federal Reserve Bank. The 2-day meeting of the Federal Open Market Committee, which begins on March 19th, is likely to result in news of an interest rate increase.

As reported at 10:35 am (JST) in Tokyo, the USD/JPY was trading at 106.025 Yen, a loss of 0.28%; the pair earlier hit a trough of 105.937 Yen while the high is at 106.367 Yen. The EUR/USD is trading at $1.2297, down 0.05%; the pair has ranged from a session trough of $1.22951 while the high is at $1.5834. The GBP/USD is trading at $1.3924, a loss of 0.10%.

Canadian Dollar Pressured by Trade War Concerns

In Canada, the Canadian Dollar continues to be under some pressure after the latest economic data suggested that the central bank might decide to alter the pace of future rate hikes. The fears of a trade war with the United States have also weighed on the Loonie. The USD/CAD is trading at C$1.30626, a gain of 0.124%; the pair has ranged from a low of C$1.30479 to a peak of C$1.30720.

Barbara Zigah

After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.