Home Economy Dollar Edges Lower; Sterling in Focus ahead of U.K. Budget

Dollar Edges Lower; Sterling in Focus ahead of U.K. Budget

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By Peter Nurse

Investing.com – The dollar edged lower in early European trade Wednesday in calm trading ahead of next week’s Federal Reserve meeting, while the U.K. budget places sterling in focus.

At 2:30 AM ET (0630 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 93.892.

USD/JPY traded 0.1% lower at 114.03, EUR/USD edged 0.1% higher at 1.1603, while GBP/USD slipped marginally to 1.3763 ahead of Britain’s annual budget.

The Federal Reserve has now gone into a blackout period ahead of next week’s policy-setting meeting, and ahead of this traders are focusing on the release of a series of important data releases.

Wednesday’s sees the release of the September durable goods orders, but the 3Q GDP release on Thursday and the September core PCE deflator on Friday will attract the most attention.

Elsewhere, AUD/USD rose 0.2% to 0.7513 after Australian core inflation rose at its fastest…

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