US Dollar Trading Steady as it Waits for Fed Meeting

The US dollar is trading strong and steady against its other peers ahead of the Fed meeting scheduled for later today.

US dollar index DXY

The US dollar is trading strong and steady against its other peers ahead of the Fed meeting scheduled for later today. At the time of writing, the US dollar index DXY is trading at around 98.29.

The forex market is expected to continue trading in narrow ranges until the Fed announces its decision. Markets have already priced in a 0.25% rate cut, but traders will be hesitant to enter new positions until they receive official confirmation after the meeting.

On Tuesday, the Fed injected over $53 billion into the financial system to boost lending, for the first time in over a decade. Corporate tax payments and Treasury settlements had caused a temporary shortage of cash in US money markets.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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