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Currencies: Dollar slides 7 out of 8 sessions ahead of Fed outlook

The U.S. dollar was under pressure Tuesday, looking to add yet another down day to its recent run, ahead of the Federal Reserve’s monetary policy update on Wednesday.

The ICE U.S. Dollar Index DXY, -0.17% was down 0.2% at 96.357. The gauge has fallen seven out of the last eight sessions, according to FactSet.

The economic calendar was light, with data showing U.S. factory orders rose 0.1% in January, versus a consensus forecast for a rise of 0.4% in a MarketWatch survey of economists. The Federal Reserve’s monetary policy meeting begins Tuesday, culminating in Wednesday’s interest-rate decision. Investors will be watching out for forward guidance and what many analysts expect to be further dollar-negative dovishness on the part of the central bank.

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