US Dollar Index: DXY hangs near multi-week low as traders keenly await FOMC decision – by hareshmenghani DollarIndex Fed InterestRate Bonds Currencies
The overnight sharp rise in the US bond yields lends some support and helps limit losses.US Dollar
struggles to capitalize on the overnight modest bounce from its lowest level since May 17 and remains on the defensive through the Asian session on Wednesday. The USD Index , which tracks the Greenback against a basket of currencies, hovers around the 102.80 region, down over 0.
Apart from the crucial FOMC decision, investors will closely scrutinize Fed Chair Jerome Powell's comments at the post-meeting press conference for clues about the future rate-hike path. This, in turn, will play a key role in influencing the near-term USD price dynamics and help investors to determine the next leg of a directional move. In the meantime, Wednesday's release of the US Producer Price Index might provide some impetus to the USD later during the early North American session.