North-West Financial Broker
Personal Area
Personal Area
16 Mar - Fundamental
The dollar was mixed against major currencies Tuesday ahead of the Federal Reserve's decision on interest rates.
What prices are doing: The dollar fell 0.3% versus the euro to $1.3713 and dipped 0.4% against the British pound to $1.5123. Against the Japanese yen, the dollar rose 0.2% to ¥90.70.
On Monday, the dollar gained versus the euro and the pound, but fell against the yen, as stocks ended the day mixed and investors continued to worry about finding a concrete solution for Greece's mounting debt.
What's moving the market: Investors will focus on Tuesday's policy statement from the Fed, due at 2:15 p.m. ET. Interest rates are widely expected to be left unchanged near zero, but investors will scrutinize the report for any signal of when the central rate will start raising rates again.
Stock futures were higher ahead of the Fed's statement. Stronger stocks typically pressure the dollar, as investors turn to riskier assets.
Meanwhile, a report from the Commerce Department on housing starts and building permits was scheduled to be released at 8:30 a.m. ET.
Economists surveyed by Briefing.com expect construction of new homes dropped to an annual rate of 570,000 in February from 591,000 in the previous month. Building permits are forecast to have fallen to a 601,000 rate last month, from 622,000 in January.
February import and export prices are also due in the morning.
Thank you for choosing North-West Financial Broker as a guide in foreign exchange market.
If you have any suggestions to improve our service – contact us, please.