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The dollar rose slightly on Wednesday as all eyes turned to the US Federal Reserve’s policy statement and a speech by President Joe Biden later on Wednesday regarding trends in hopes that this will increase the scope for the currency’s recovery after a month of decline.
The dollar index recorded 91.004, which constitutes a jump from the lowest level since the third of March, which it recorded on Monday and reached 90.679, but investors remained convinced that the downward trend that the dollar recently followed has not ended yet.
On Wednesday, the Fed is expected to maintain the same policies regarding monetary easing, and President Jerome Powell will likely confirm his message in support of this approach.
The euro fell 0.2% to $1.2073, down from its highest level in two months, which it hit on Monday at $1.2117.
The dollar recorded 108.855 yen, after jumping 0.59% overnight, adding to its recovery from a seven-week low of 107.48 reached last week, in line with increases in US bond yields.
The Japanese currency also fell even against low-yielding European currencies, as it recorded its lowest level in two and a half years against the euro at 131.57 and the lowest level in five years against the Swiss franc, recording 119.08.
In addition to the US Federal Reserve’s announcement of its monetary policies, investors are also awaiting Biden’s first speech before the Congress, which is also scheduled for later on Wednesday.
The Australian dollar fell 0.3% to $0.77415, after the country’s inflation rate came weaker than expectations.
Bitcoin, it traded at $55,809.86, which means that it continues to recover from its lowest level in seven and a half weeks, which it recorded on Sunday at $4,7004.20.
