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21 Sept 2021

Dollar Drops Lower Ahead of Federal Reserve Meeting

The Index Today

After the early European trading hours on Tuesday, the dollar slid lower after a month long high. The drop could be seen as a result of the upcoming Fed Reserve meeting and China’s Evergrande debt disaster.

The dollar traded 0.1% lower after climbing to a high of 93.455 since August 23rd. USD;JPY rose 0.2% whereas EUR;USD went up 0.1% to 1.1736.

The Federal Reserve meeting is expected to begin later on Tuesday where policies regarding tapering and interest rates will be revealed. ING analysts stated, “We think there will be a certain degree of acknowledgement that the current level of monetary accommodation may no longer be warranted and that asset purchases may start to be unwound by year end.”

On the other hand, USD;CNY traded flat at 6.4662 as Evergrande’s default on interest payments continues to worry investors. The NZ dollar rose by 0.1% after Christian Hawkesby hinted that a 25 basis point increment could be expected from the Central Bank.

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