Pursuits
Dollar Slides as Worst Data Misses Since ’09 Cloud Fed Outlook
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The dollar dropped for a second day against the euro after U.S. economic reports tempered the outlook for higher interest rates as the Federal Reserve begins a two-day policy meeting.
The U.S. currency slid from the highest since at least 2004 versus a basket of major peers as housing starts lagged behind forecasts and the Bloomberg ECO U.S. Surprise Index, which measures whether data beat or missed economists’ estimates, fell to the lowest since 2009. Traders are watching to see whether Fed officials alter their statement commitment to being “patient” on the timing of rate increases forecast for later this year.