Forex
Dollar Firm Ahead of UK Jobs Report and Midweek Fed Decision
The US Dollar Index (DXY) held firm on Tuesday, trading near 99.40 and above 99.00. The Federal Reserve's impending rate decision is driving the Greenback's strength, with markets pricing in a near-certain rate move this week.
Markets are anticipating the Fed's decision on Wednesday, keeping the US Dollar supported across the board. The NY Empire State Manufacturing Index is expected to slip to 14.75 from 20.6, and the ADP Employment Change 4-week average will also be released on Tuesday.
The major currencies tied to risk and rates took a hit, with Gold losing ground and growth-sensitive currencies easing. However, the Pound managed to hold its own ahead of the UK jobs report.