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Currencies: Dollar drops to six-week low on dovish Fed update

The U.S. dollar bucked its recent downtrend on Wednesday ahead of the Federal Reserve’s monetary policy update.

The central bank is the main focus of Wednesday’s session, with other themes like Brexit and U.S.-China trade talks in the background. The Fed’s interest rate decision is due at 2 p.m. Eastern, followed by a news conference with Fed Chairman Jerome Powell at 2.30p.m.

See:In press conference, Powell to emphasize economy strong enough not to need a rate cut

“The rhetoric since the December forecasts ha changed dramatically. Today’s meeting is about realigning the two. This means that growth and inflation forecasts will be lowered,” said Marc Chandler, chief market strategist at Bannockburn Global Forex.

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