USD rises as focus shifts to the conclusion of the US Federal Reserve meeting

Shafaq News / The US dollar made slight gains against major competing currencies on Wednesday, as traders awaited the conclusion of the Federal Reserve's policy meeting, which could provide insights into the timing for the central bank to begin interest rate cuts.

The Chinese yuan declined after a meeting of senior Chinese officials failed to introduce robust stimulus measures to support economic growth. Meanwhile, the New Zealand dollar dropped following inflation data that suggested the central bank might not necessarily proceed with raising interest rates.

The USD index, gauging its performance against six major currencies, rose by 0.1% to 103.86 by 05:40 GMT, recuperating some losses after a 0.31% decline overnight.

The Chinese yuan fell in spot trading to 7.1831 against the dollar. Concerning cryptocurrencies, Bitcoin maintained its position around $41,000, reached last Friday, retracting from its highest level since April 2022 at $44,729.