USD declines ahead of FOMC

FXStreet (Córdoba) - The US dollar weakened minutes before the Fed’s decision on rates. Traders are waiting the key meeting that could be historic if the central bank raises the interest rate: it would be the first time since 2006. The decision, the FOMC statement and Yellen’s press conference are likely to trigger volatility across financial markets.

EUR/USD bounced to the upside from 1.1295 and is approaching daily highs that lie at 1.1335. GBP/USD is back near 1.5550. Commodity currencies remain in negative territory against the US dollar for the day but moved off session lows. USD/JPY is moving slowly off the highs but still remains above 120.70.

Most forex crosses are still trading in modest ranges ahead of the decision that will be released at 18:00 GMT.