USD trading higher ahead of FOMC meeting (02.05.2018)

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The US dollar surged, getting close to the December highs despite the lackluster ISM data.
The US Institute for Supply Management reported that the purchasing managers’ index for the manufacturing sphere dropped to 57.3 from the March reading of 59.3. Experts had projected a slower decline to 58.6.
Nevertheless, market participants continued buying the greenback and the US dollar index jumped above 92.00 levels. The demand for the US currency is increasing with the upcoming FOMC meeting in focus. The greenback rivals are suffering from the downside pressure.
For instance, the greenback-loonie pair is testing the resistance level of 1.29. Even the upbeat GDP statistics from Canada did not support the Canadian currency.
According to Statistics Canada, the gross domestic product advanced by 0.4 percent in February after the previous increase of 0.1 percent. Experts had predicted an increase of 0.3 percent. In annual terms, the Canadian economic growth accelerated to 3 percent from 2.7 percent. Still, investors were focused only on high-impact macroeconomic events in the US.
Today, the FOMC will finally reveal its stance towards the future monetary policy. Currency strategists expect the greenback to keep rising.

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