LONDON – The dollar made marginal gains on Wednesday after being pinned down earlier, with investors holding off on placing major bets ahead of the outcome of a U.S. Federal Reserve meeting.
The U.S. dollar index moved into positive territory after trading lower in Asian hours. The greenback was last up 0.1% at 92.534.
The Japanese yen, Swiss franc and the euro held onto the previous day’s gains in Asian trading hours, with the safe-haven yen trading at 109.80 per dollar and the euro at $1.1809.
The dollar has enjoyed a month-long rally after a hawkish shift from the Fed in June. Markets are waiting to see whether the Fed will provide any clues on the timing of tapering later in the day amid surging U.S. inflation.
The Fed publishes a statement at 1800 GMT followed by a news conference from Chair Jerome Powell at 1830 GMT.
Still, foreign exchange analysts said the chances were high that the Fed would not shift policy, given its view that the recent spike in…