Dollar Gains on Taper Speculation Before FOMC; Aussie Declines
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The dollar gained versus the majority of its most-traded counterparts amid speculation that the Federal Reserve will reiterate plans to slow the pace of monthly asset purchases this year.
Australia’s dollar approached the weakest level in three years versus its U.S. counterpart after the central bank governor said there’s still room to cut interest rates and the currency may depreciate further. The yen fell from the strongest level in two weeks versus the euro after Japan’s industrial production slid by the most in two years. Bloomberg’s U.S. Dollar Index gained before the Fed’s two-day Federal Open Market Committee policy meeting that concludes tomorrow.