US Dollar Steadies Ahead of FOMC Meeting

The US dollar remains firm but largely within yesterday's ranges ahead of the FOMC meeting conclusion tomorrow. The greenback is benefiting from rising oil prices and yields, with Fed funds futures discounting almost a 95% chance of a rate hike.

The euro has been sold heavily in North American trading sessions, extending its losses to just below $1.1525, its lowest level in a month. In contrast, the offshore yuan was relatively unchanged against the US dollar, making it the best-performing emerging market currency yesterday.