U.S. dollar rose today, ahead of the Federal Reserve's expected rate hike this evening, the Federal Reserve is expected to raise interest rates for the eighth time since late 2015 and the third this year, with expectations that it will be raised again by the end of the year. The market's attention will be on the Fed's projections and any comments on the ongoing trade dispute.
The dollar rose against a basket of currencies to its highest level since the beginning of the week at 94.40. The dollar index has fallen by about 3% since mid-August as other economies improve and approaching monetary policy tightening such as the euro zone.
The EUR has been trading in a narrow range since the end of last week within a descending triangle on the 4-hour time frame, after hitting a 3 and ½ month high at the beginning of the week following Draghi's talk about his confidence in inflation at 1.1814.
Also, the markets are looking for the RBNZ decision tonight and it is widely expected to keep interest rates unchanged at 1.75%, after expectations have risen in the direction of rate cut, but recent growth data has seen the economy grow faster Its growth rate in two years during the second quarter of 2018.
