The U.S. dollar is pulling back as investors await the Federal Reserve’s decision. Here is a brief analysis for the EUR/USD, GBP/USD, USD/CAD, and USD/JPY pairs.
The EUR/USD pair is showing strength as the dollar weakens. The GBP/USD pair is also benefiting from the dollar’s retreat. The USD/CAD pair is facing pressure as the Canadian dollar gains ground. Meanwhile, the USD/JPY pair is struggling as the yen strengthens.
Overall, the U.S. dollar is on the back foot ahead of the Fed decision. Traders will be closely watching for any clues on the future direction of interest rates.