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    Dollar price decreases as markets prepare for Fed

    The dollar price decreased against the rest of the major currencies on Wednesday, due to the caution behaviour of investors ahead of the Federal Reserve’s policy statement due later in the day.
     
    Furthermore, the dollar pared losses after the release of upbeat U.S. housing sector data, after the U.S. Commerce Department announced that the new home sales increased by 10.8% to 544,000 units last month, compared to expectations for a rise of 2.0% to 500,000.
     
    Most analysts are expecting that the Fed will keep interest rate on hold at the conclusion of its two-day policy today after raising interest rates for the first time in almost a decade in December.
     
    Elsewhere, the dollar was steady against the pound, with GBP/USD at 1.4348 and was lower against the Swiss franc, with USD/CHF moving 0.35% to 1.0134.

    The single currency advanced 0.36% against the dollar, with EUR/USD to trade at 1.0910.
     
    Market participants were also cautious ahead of the conclusion of the Bank of Japan’s meeting on Friday, with dollar to remain steady against the Japanese yen and USD/JPY at 118.43.
     
    The commodity-related Canadian dollar advanced as oil prices regain some ground and rose above $32 a barrel. The US dollar remained under pressure against its Canadian counterpart, with USD/CAD down 0.42% at 1.4057. 
     
    The Australian and New Zealand dollars were higher, with AUD/USD up 0.82% at 0.7063 and with NZD/USD edging 0.33% to trade at 0.6521.
     
    The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.29% at 98.78.

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