USD trading higher ahead of FOMC meeting (19.09.2017)

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At the beginning of the week, the greenback was supported by traders’ expectations of positive comments by the FOMC’s officials. The Fed’s monetary policy two-day meeting will start today.
However, the meeting results will be revealed only tomorrow. Markets do not expect a rate hike, but hope for hints about the timing of balance sheet reduction.
Expectations of positive signals helped the US dollar correct. Investors were selling off the greenback before the weekend on the back of lackluster data on retail sales and industrial production. However, the new week provided the US dollar with the needed support. Throughout Monday, the US dollar index was consolidating near 92.00 levels.
Traders mainly flocked to the greenback-loonie pair. The pair strengthened in the early American trades. Crude oil prices failed to back the Canadian currency. Market participants were closing oil buy deals profitably after the recent jump to multi-month highs.
Meanwhile, Canada published a quite positive report. The country’s foreign stock investments surged way above forecasts.
Stay tuned to our channel to find out what events will shape the market sentiment today.


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