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Greenback Gets a Boost with FOMC Looming

Risk aversion on the dollar led to the DXY closing 0.44 higher on Tuesday. This marks a significant upturn on the index as it looks to recapture the 94 handle.

Donald Trump announced his intention to pass on a fiscal stimulus bill with the Democrats, which led to a rally for the greenback.

The President then seemed to contradict himself as he then called for partial stimulus. This would cater to airlines, as well as more aid to small businesses and direct government payments worth up to $1,200 for most individuals.

With the FOMC meeting later today, investors should get clearer signs as to how the Fed intends to measure US inflationary pressures. This could prompt the Greenback to ease slightly.

Rejection at 1.18 Rebuffs Gains

EURUSD fell in the face of Trump’s news release yesterday. The strength in the dollar led the pair to close 0.42% lower.

In addition, the eurozone was dealt another blow as the services sector has taken a step back. With ...

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