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EURUSD: Intraday Analysis & Fed decision

Market Report

Trading elsewhere in currency markets was subdued. The U.S. dollar index, which tracks the greenback against its major peers, inched 0.11% higher to 106.78. Economists expect the Fed to keep interest rates on hold when it announces its decision at 1800 GMT (2 p.m. ET). Investors will scrutinise Chair Jerome Powell’s comments for hints about how long rates will stay at the current 5.25% to 5.5% level and whether there’s a chance of them rising again. The dollar index has traded sideways since hitting an almost one-year high of 107.34 in early October on the back of a sharp rise U.S. bond yields driven by strong economic growth. Analysts said a potentially bigger event for bond and currency markets on Wednesday is the U.S. Treasury’s announcement at 1230 GMT (8.30 a.m. ET) of how it intends to fund its wide budget deficits via the bond market.

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