US Dollar Stays Unsteady Before Fed’s Statement
The US dollar remains unstable against most currencies. The euro is trading at the highest level in two years ahead of the US Federal Reserve's statement on monetary policy. Analysts do not expect significant support from the Fed for the US dollar, since the currency remains under pressure from political events in Washington.
The US Federal Reserve began its two-day meeting yesterday. Markets expect that the base interest rate will remain unchanged. The target rate in the US is at 1.00% -1.25%.
Oil rose by 3.054%. WTI crude oil is trading at $47.62. Saudi Arabia announced a further reduction in oil production.