U.S. dollar declines ahead of Fed meeting

Source: Xinhua| 2017-06-13 04:01:56|Editor: huaxia
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NEW YORK, June 12 (Xinhua) -- The U.S. dollar declined against most major currencies on Monday ahead of the Federal Reserve's two-day meeting.

With no major economic data due Monday, investors kept a close eye on the Fed's policy meeting scheduled to begin Tuesday.

Analysts widely expected the central bank to raise interest rates at this meeting. Market expectations for a June rate hike were 95.8 percent Monday, according to the CME Group's FedWatch tool.

"The Fed will raise rates on Wednesday, and again in September and/or December, despite a sharp slowdown in credit activity," said Chris Low, chief economist at FTN Financial, in a note.

The dollar index, which measures the greenback against six major peers, inched down 0.09 percent at 97.182 in late trading.

In late New York trading, the euro increased to 1.1200 dollars from 1.1197 dollars in the previous session, and the British pound decreased to 1.2643 dollars from 1.2730 U.S. dollars in the previous session. The Australian dollar increased to 0.7532 dollar from 0.7528 dollar.

The dollar bought 109.83 Japanese yen, lower than 110.17 yen of the previous session. The U.S. dollar lost to 0.9689 Swiss franc from 0.9690 Swiss franc, and it edged down to 1.3336 Canadian dollars from 1.3469 Canadian dollars. Enditem

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