The dollar rose before the Federal Reserve meeting

The dollar rose before the Federal Reserve meeting

In Asia on Monday Hong Kong ended up 1.3 percent, Shanghai closed 0.3 percent higher and Sydney rallied 0.5 percent.

"The primary reason US yields are creeping up is after thinking about it clearly, the market has decided that the Fed is unlikely to change the December 2017 dot - still saying they expect one more rate hike in 2017", said Greg Anderson, global head of foreign exchange strategy at BMO Capital Markets in NY. The Dow surged 63 points or +0.28% to finish at 22,331.35.

On the one hand, investors are awaiting clues this week on the timetable for reducing the U.S. Federal Reserve's balance sheet, which could curb demand for gold.

On Monday, safe-haven currencies were trading lower as United Nations leaders were preparing to kick off a meeting on Tuesday to discuss possible solutions on North Korea's nuclear programs, with the U.S. seeking a peaceful resolution. They expect Fed officials would leave the door open for a rate increase at their December 12-13 meeting. "There could also be some more political action in Japan before long, as the media is suggesting that (Prime Minister Shinzo) Abe may call a snap election next month amid his rising approval rating and fragile opposition".

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South Korean shares dipped 0.1 percent, against a backdrop of caution ahead of the Fed meeting as well as continuing tensions on the Korean peninsula. At the close on Tuesday, the futures markets implied traders saw a 58.3 percent chance of a rate increase at year-end, according to the CME FedWatch tool.

KEEPING SCORE: The Standard & Poor's 500 index was up less than 1 point to 2,507 as of 11:39 a.m.

US crude oil prices slipped below $50 per barrel but stayed close to multi-month highs as refineries in Texas continued to restart after Hurricane Harvey. The yield on the 10-year Treasury note fell to 2.24 percent from 2.25 percent late Tuesday.

But economists and Fed officials say the storms will not affect the underlying trend in growth, which has been steady at around two percent in recent years, and activity should rebound later in the year due to reconstruction efforts.

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With the economic calendar lacking significant releases during the Asian session, the dollar index was mainly flat at 91.88 as investors were waiting for the two-day FOMC meeting ending on Wednesday.

The Fed has hinted at making such a move for much of the year and most analysts are in agreement that September's meeting will likely see the bank outline its plans for how it can taper its quantitative easing programme without shocking the economy. Brent crude, used to price global oils, dropped 37 cents to $55.25 in London.

The Euro US Dollar (EUR USD) exchange rate is slightly unstable at the start of this week's session as markets look towards the Federal Reserve's policy meeting later this week.

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