The US dollar fell today, as the dollar index hit its daily low against a basket of currencies to settle at 93.70, while remaining stable at a three-week high against the Japanese yen at 110.45.
The dollar will be awaiting the announcement of the Federal Reserve's policy and the markets will look for new evidence on the number of rate hikes this year. It is widely expected that the interest rate will be raised today to 2% and market expectations still suggest an additional two hikes this year.
It was reported that Federal Reserve chairman Jerome Powell was thinking of holding a press conference after each Fed meeting, which gave some support to the US dollar as it raised expectations that the Federal Reserve would raise rates further.
On the other hand, sterling fell to its lowest level since June 5 after British Prime Minister Theresa May was saw off a parliamentary rebellion over amendments to Brexit bill.
