The USD Index (DXY), which gauges the greenback vs. a bundle of its main competitors, trades within a tight range and keeps business near the 103.00 region on Wednesday.
USD Index focuses on the FOMC event
The index looks weak in the wake of the opening bell in the old continent and hovers around the 103.00 neighbourhood against the backdrop of rising cautiousness among investors ahead of the FOMC gathering due later in the NA session.
So far, a 25 bps rate hike by the Fed seems widely anticipated, although renewed attention is expected to be on the usual press conference by Chair Powell as well as the updated dots plot, while market participants will also look for any hint of a potential pivot/pause in the ongoing tightening cycle.
Other than the Fed gathering, the weekly Mortgage Applications by MBA will be in the calendar later on Wednesday.
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