Greenback leaps ahead of Fed decision

Greenback leaps ahead of Fed decision

On Wednesday, the evergreen buck soared because market participants waited for the outcome of the Fed’s policy gathering for further clues about future tightening. Meanwhile, the beleaguered New Zealand dollar recovered following upbeat jobs data.

Tracking the greenback’s value against a basket of six main counterparts, the US dollar index gained 0.1% trading at 94.680.

In Asia, the New Zealand dollar rallied 0.9% being worth $0.6906 having hit a one-week maximum of $0.6915, spurred by data disclosing that the country's jobless rate went down more than anticipated to a nine-year minimum of 4.6%.

The New Zealand dollar had been pressured for recent weeks on worries of the new Labour-led coalition government's left-leaning policies, in particular a clamp down on migration and foreign investment.

The Fed is generally believed to leave interest rates on hold on Wednesday. Additionally, market participants will be closely watching  any fresh indications that the major US bank will resume lifting rates next month as anticipated. Traders also require the timing of any moves next year.

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