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The US dollar losses some momentum amid a cautious improvement in risk sentiment. Wall Street benefited from the said improvement and turned green. So, the EUR/USD pair continues to consolidate ahead of the FOMC meeting.
The EUR/USD rose after the beginning of the US session and recently climbed to 1.0017, before pulling back to the parity area. It is posting modest losses on Monday, as it continues to trade in a range.
The move higher in EUR/USD took place amid a small retreat of the US dollar as Wall Street indexes turned positive. US yields are off highs but still near multi-year highs ahead of the FOMC meeting on Wednesday.
The US central bank is expected to raise interest rates by 75basis points on Wednesday. The combination of an aggressive Fed and a cautious tone among investors regarding signs of a global economic slowdown supports the dollar.
