Dollar bides times ahead of anticipated Fed rate cut

Wednesday, 30 October 2019 16:02 WIB



The dollar was steady against other major currencies on Wednesday as investors braced for a rate cut by the U.S. Federal Reserve and an advance reading of economic growth in the third quarter that could shed light on the rate outlook.

Sterling was also stable, holding below recent five-month highs, after Britain's lower house of parliament approved calling an early election in December that might break the Brexit deadlock.

For now the spotlight turned to the Fed, which is expected to cut its policy rate for a third time in a row when it concludes its two-day meeting on Wednesday.

The dollar was steady against the euro at $1.1117 and marginally lower versus a basket of six major currencies at 97.630.

Against the yen, the greenback was also little moved at 108.86 yen, not far from its three-month high of 109.07 yen touched on Tuesday.

The British pound was last at $1.2874, little changed on the day and below five-month highs hit earlier this month. It was also steady at 86.34 pence.

Source : Reuters


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