Dollar under pressure as investors keep an eye on the Fed

01.12.2020 - Evdokimov Roman
Dollar under pressure as investors keep an eye on the Fed

The dollar was under pressure on Tuesday following its worst close since July as investors awaited more U.S. monetary easing.

The Aussie and the kiwi recovered some of Monday’s losses, each climbing 0.2% in early Asian trade.

The euro climbed 0.1% just below $1.20, while the pound held onto its gains against the dollar as traders hoped for a Brexit trade deal before the year ends.

The dollar index steadied at 91.942, while the safe-haven yen stood at 104.33 on the dollar.

The U.S. Federal Reserve is set to meet on Dec. 15 and 16 to discuss monetary policy. Meanwhile, authorities are planning to approve effective vaccines developed by Moderna and Pfizer for distribution.

Elsewhere, the South Korean won rose 0.2% against the dollar, while the Chinese yuan firmed in offshore trade. 

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