USD/JPY closer to highest level since 2018

The dollar index fell against the major currencies during Wednesday’s trading before the Federal Reserve’s decision, while the US currency traded near a 5-year high against the yen.

The US central bank is expected to implement its first rate hike since 2018 later in the day amid uncertainty over the fallout from the invasion of Ukraine and inflation rising to a 40-year high.

On Tuesday, the US Senate unanimously approved a resolution condemning Russian President Vladimir Putin as a war criminal, according to Reuters.

In terms of trading, the euro rose against the US currency by 0.44% to $1.1004, while it stabilized against the Japanese yen, recording 118.32 yen, after hitting 1118.45 yen yesterday, Tuesday, for the first time since January 2017, and the British pound rose against the US currency by 0.19% at $1.3067.