Dollar slips lower ahead of Fed meeting, CPI data
Investing.com - The U.S. dollar retreated Wednesday, falling back after hitting a four-week high overnight ahead of the conclusion of the latest Federal Reserve policy meeting.
The U.S. central bank is not expected to change interest rates this time around, and traders will be looking to see if the Fed officials change their expectations for the number of interest rate cuts this year. “Equally, Chair Powell typically delivers a dovish press conference and the dollar has ended lower on the day over the last four consecutive FOMC meetings. The same could happen today.”rose 0.1% to 1.2750, with sterling rising despite data showing Britain's economy showed no growth in April, caused in large part by rainy weather.The figures followed labor market data on Tuesday that showed falling employment and rising unemployment, but continued strong wage growth.
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