Economic news

Dollar retreats from three-week peak, all eyes on Fed

The dollar retreated from three-week top on Wednesday as investors closed positions before the Federal Reserve’s first anticipated rate increase of 2018 and focused on whether the regulator will signal three or four hikes for this year.

Photo: Reuters

The dollar index dropped 0.2 percent, after touching an almost three-week peak on Tuesday.

Versus the yen, the greenback slipped 0.2 percent to 106.31 yen, after Tuesday’s surge of 0.41 percent.

The euro rose 0.4 percent to $1.2282, having slumped 0.78 percent in the previous session and touching a near three-week trough of $1.2240.

The Aussie scaled a three-month trough of $0.7679 on Tuesday but rebounded on Wednesday to rise 0.2 percent to $0.7695.

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