WASHINGTON (dpa-AFX) - The U.S. dollar firmed against most of its major rivals on Tuesday, ahead of the Federal Reserve's monetary policy announcement, due on Wednesday.
The Fed is not expected to make any policy changes tomorrow, but is expected to signal the beginning of interest rate hikes in March. Markets expect the central bank to announce four hikes this year to rein in inflation.
Worries about geopolitical tensions amid a buildup of Russian troops near the border of Ukraine.
In economic news today, the Conference Board released a report showing consumer confidence pulled back by less than expected in the month of January.
The Conference Board said its consumer confidence index dipped to 113.8 in January after climbing to a revised 115.2 in December. Economists had expected the index to drop to 111.9 from the 115.8 originally reported for the previous month.
The dollar index climbed to 96.27 in the European session, but pared gains subsequently and was last seen at 95.98, up 0.06% from the previous close.
Against the Euro, the dollar is trading at $1.1302, firming from $1.1326.
The Pound Sterling gained against the dollar and is fetching $1.3508 a unit, rising from $1.3490.
The dollar is trading at 113.88 yen, giving up gains after having firmed to 113.67 yen.
Against the Aussie, the dollar is at 0.7153, slightly down from 0.7145.
Against Swiss franc, the dollar has strengthened to CHF 0.9187 from CHF 0.9140.
The loonie gained against the dollar, firming to C$ 1.2625, as oil prices rallied sharply amid concerns over supply disruptions.
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