Currencies: Dollar rebounds from 2-month low ahead of Fed decision

The dollar inched up on Wednesday, rebounding from a two-month low hit overnight on hopes the Federal Reserve will strike a hawkish tone in its policy statement later in the session.

The overnight weakness came after President Donald Trump and his trade adviser Peter Navarro hinted the administration would ditch a two-decade old “strong dollar” policy, suggesting that Japan, China and Germany were benefiting from weaker currencies.

“Every other country lives on devaluation,” President Donald Trump said at a meeting with U.S. pharmaceutical executives on Tuesday. “They play the devaluation market and we sit there like a bunch of dummies.

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