Dollar soft as market eyes FOMC meeting

Posted On 14 Sep 2015

The US dollar started the week on a soft note, weakening against most major currencies as investors were being cautious ahead of the important Federal Reserve policy meeting this week.

Many are eager to see whether the Federal Reserve will hike interest rates for the first time in nearly a decade.

EUR/USD hung onto gains made after Friday’s rally. Last week the euro gained 1.8% and in Monday’s Asian session it traded around 1.1342.

EUR/JPY extended gains to 137.03 before sliding to 136.40.

USD/JPY was sluggish and trade at 120.65.

AUDUSD rose to 0.7134, not affected much by the disappointing Chinese data released on Sunday.

Growth in China’s investment and factory output missed forecasts in August, raising the risk that economic growth may slow below 7 percent in the third quarter for the first time since the global financial crisis.

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