USD Edges Up, Eyes FOMC
The dollar and yen were higher in Tuesday trading amid renewed declines in the equity bourses. The Nasdaq and the S&P 500 were lower by 1% and the Dow Jones softer by 0.75% in afternoon trading. Earlier US economic reports were mixed with Q2 labor costs falling by more than expected to -5.8%, compared with a negative revised Q1 figure at -2.7% and a sharply higher than forecast preliminary Q2 productivity reading, up by 6.4% versus a downwardly revised Q1 reading at 0.3%.
The FOMC kicked-off its two-day monetary policy meeting today and will be announcing its decision on Wednesday afternoon at 2.15 PM. The Fed is not seen changing interest rates from its current range of 0-0.25%. However, with the Treasury’s purchase plan set to expire in September, it will be interesting to see how the Fed will tackle the issue of extending the plan or permitting it to expire.
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