Article by ForexTime
Markets were quiet and traded in a holding pattern this morning as the Federal Reserve begins a two-day policy meeting today with a rate announcement on Wednesday. Investors are also preparing for the Bank of Japan meeting on Thursday.
The Fed is not expected to lift rates at this meeting but there is some expectation of more easing by the BoJ.
The dollar index, a measure of the US currency versus a basket of global peers, was down 0.1 per cent at 94.732, while gold, which is sensitive to US interest rate expectations, reversed early gains to be 0.2 per cent weaker at $1,235.93 an ounce.
The yen firmed by a quarter of a percentage point against the dollar to ¥110.93. The Japanese currency last week had its worst weekly performance since the Bank of Japan boosted its bond-buying programme in October 2014, as markets anticipated that the central bank will need to step up its efforts on Thursday, possibly by cutting interest rates further into negative territory or expanding the size of its asset purchases.
Article by ForexTime
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