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The dollar hovered in a narrow range on Tuesday, and on Wednesday the Federal Reserve will announce its monetary policy decision, predicting that policy makers will cut interest rates for the first time since the financial crisis.
The market expects the Federal Reserve to cut interest rates by 25 basis points in order to protect the U.S. economy from global uncertainty and trade pressures, in contrast to countries facing more pressing risks. The market will focus on whether the Federal Open Market Committee (FOMC) initiative is a one-off rate cut or the beginning of a rate cut cycle.
"The market is on the sidelines, waiting for the FOMC meeting tomorrow. This is expected to be the next factor driving the overall price trend, "said Shahab Jalinoos, head of global foreign exchange strategy at Credit Suisse in New York.
The EUR = against the dollar held steady above last week's 26-month low of $1.110. The Fed's interest rate cuts may continue the general decline of the euro.
Joe Manimbo, senior market analyst at Western Union Business Solutions, said: "The outlook for monetary policy in Europe and the United States seems to be conducive to the weakening of the euro against the dollar, because it is necessary for the European Central Bank to relax monetary policy, while interest rate cuts in the United States are mainly to guard against global adverse factors."
Sterling GBP = is the most volatile currency in the foreign exchange market, falling to a 28-month low of $1.212 in Asian trading, amid growing concerns that Britain may withdraw from the EU without a transitional agreement on October 31.
Sterling fell 0.44% to $1.216 in late New York trading against the dollar. The pound also fell 0.52% to 0.9166 against the euro, after hitting a two-year low of 0.9188.


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