Bloomberg (29/10) -- The dollar rose versus most of its major
counterparts as the Federal Reserve starts a two-day meeting amid
forecasts it won’t announce any major changes to its asset-purchase
program.The yen erased gains versus the greenback amid improving
jobs and retail sales in Japan ahead of a central-bank meeting later
this week. The Australian dollar dropped to a two-week low after Reserve
Bank Governor Glenn Stevens said the currency will probably be
“materially lower.” The Bloomberg U.S. Dollar Index gained for a third day before the Fed starts its policy meeting.“The
dollar is showing strength across the board this morning,” Brian
Daingerfield, a Stamford, Connecticut-based currency strategist at Royal
Bank of Scotland Group Plc’s RBS Securities unit, said in a telephone
interview. “It’s already been very well priced-in that the Fed doesn’t
change policy tomorrow. With the dollar being sold off over the last
couple of weeks, there could be some profit-taking and positioning ahead
of the meeting.”The dollar appreciated 0.1 percent to $1.3769
per euro at 8:23 a.m. New York time after earlier gaining to $1.3754.
The greenback climbed 0.2 percent to 97.88 yen, reversing a decline that
saw it fall as much as 0.2 percent. Europe’s shared currency rose 0.1
percent to 134.77 yen.
