Dollar near two-week low before Fed meeting, yen strengthens [Reuters]
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Source: Reuters
Dollar near two-week low before Fed meeting, yen strengthens | Reuters 3 Min Read TOKYO (Reuters) - The dollar was on the defensive on Tuesday, weighed by growing expectations the Federal Reserve would adopt a more accommodative policy outlook this week and concerns about slower U.S. economic growth. The dollar index, which measures the greenback against a basket of six major currencies, dipped 0.1 percent to 96.43, hovering close to a two-week low touched overnight. The index has lost 1.3 percent after hitting a three-month high of 97.710 on March 7, on views the Fed will strike a dovish tone at its two-day policy meeting due to start later on Tuesday. Many investors expect the Fed to keep its benchmark overnight interest rate unchanged and stick to its pledge of a “patient” approach to monetary policy. “Around 30 percent of market participants are expecting a rate cut this year,” said Kumiko Ishikawa, senior analyst at Sony Financial Holdings. “The focus is on the extent to which th
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