The dollar index was little changed around 98.8 on Tuesday, as traders avoided making major moves ahead of the FOMC meeting, with the Federal Reserve widely expected to announce another 25-basis-point cut to the federal funds rate on Wednesday.
Investors also looked ahead to Thursday's planned meeting between US President Trump and Chinese President Xi, where the two leaders are expected to discuss a potential trade deal following reports that officials have agreed on a preliminary framework covering rare earth minerals, soybean purchases, and TikTok.
The dollar fell sharply against the yen after Treasury Secretary Scott Bessent met with Japan's Finance Minister Satsuki Katayama to discuss foreign exchange volatility, while urging "sound monetary policy" in what was seen as a critique of Japan's slow pace of rate normalization. In contrast, the greenback strengthened against the British pound as traders increased bets on further Bank of England rate cuts.
Source: Trading Economi
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