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Dollar holding steady ahead of today's policy meeting

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Currency exchange rate update

Pound Sterling

The Pound is little changed against the US Dollar and the Euro as investors await the release of the latest Bank of England minutes for its June policy meeting, the last one to be held by outgoing governor Mervyn King. Mark Carney takes over on July the first. Like most currency’s today Sterling is holding steady and is not expected to move much until the outcome of the Federal Reserve’s two-day meeting is revealed.

US Dollar

The ‘Greenback’ is holding steady against the majority of its peers as the world’s markets wait for the outcome of the Federal Reserve’s two day policy meeting that may signal whether the US Central Bank will ease its bond-buying programme.

Fed Chairman Ben Bernanke is due to hold a press conference in Washington later in the day. Depending on what he says there is sure to be big movements in the market. If he says that no easing will take place then emerging currencies such as the Rand will benefit if he says the opposite then the Dollar will strengthen.

The Euro

The Euro is steady against the US Dollar as investors await the outcome of the Federal Reserve’s monthly meeting late in the day. The markets are looking ahead to the Fed’s rate statement and press conference, which it was hoped would clarify the bank’s stance on monetary policy, after Fed Chairman Ben Bernanke said last month that the bank could begin to taper asset purchases if the economy continued to improve.

Australian Dollar

The ‘Aussie’ remains weaker against the US Dollar ahead of the outcome of the Federal Reserve’s two-day policy meeting. The Australian Dollar fell to its lowest level in a week ahead of the news conference due to be held by Fed Chairman Ben Bernanke.

New Zealand Dollar

The ‘Kiwi’ is unchanged against the US Dollar ahead of the Federal Reserve press conference. Against its Australian relation the New Zealand Dollar edged upward after data showed a narrowing in the nation’s current-account deficit and the first gain in whole milk powder prices in two months.

Canadian Dollar

The ‘Loonie’ fell for a third day against the US Dollar due to speculation that the Federal Reserve will indicate that it may soon begin slowing its monetary easing programme. A decline in crude oil prices also dragged on the currency.

South African Rand

The Rand is flat against the US Dollar due to the market waiting for the outcome of the Federal Reserve’s policy meeting. South African current account data is also due in the session but investors are reluctant to take a position before its release. Economists expect the deficit to widen by a massive 7% of GDP.

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