Today is Fri, November 17, 2017 8:07:42 GMT
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Forex News Breaking News USD Looks Sideways Ahead of FOMC

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) remains 0.21 percent higher from the open after holding Friday’s range, and the greenback may consolidate going into the FOMC’s two-day meeting as the central bank is scheduled to release its updated forecast for the world’s largest economy, and we may see the greenback carve out a higher lower ahead of the rate decision as the central bank highlights a more broad-based recovery in the world’s largest economy. The upward trend in the 30-minute relative strength index may ultimately pave the way for a fresh yearly high in the index as the fundamental developments coming out of the U.S. raise the outlook for growth and inflation, but we may see another move towards the 10,450 figure as the USDOLLAR as yet to fill-in the gap from the Sunday open. Nevertheless, we are looking for further advances in the reserve currency as the Fed takes note of the more broad-based recovery in the U.S., and the bullish sentiment surrounding the greenback should gather pace throughout 2013 as the central bank drops its dovish tone for monetary policy.