- NEWS Desk Global
DOLLAR RETREATS AHEAD OF FED DECISION
The dollar edged lower on Wednesday ahead of a much-anticipated interest rate decision by the U.S. Federal Reserve later in the day, while sterling slid on increased bets the Bank of England (BoE) will pause its historic run of interest rate hikes. The U.S. dollar index , which measures the currency against a basket of rivals, was 0.2% lower at 104.86.
The index rose for its ninth straight week last week, its longest winning streak in nearly a decade as resilient U.S. growth has fueled a rebound in the dollar, though the rally will likely be tested by Wednesday's Fed decision and commentary. Markets expect the Fed will almost certainly keep rates on hold at 5.25% to 5.50%, putting the focus on the central bank's forward guidance.