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U.S. dollar remains cautious ahead Fed meeting

The U.S. dollar traded flat against a basket of major currencies on Tuesday, as investors seemed hesitant to initiate large dollar positions, as the Federal Reserve Open Market Committee (FOMC) commences its two day meeting, ahead of an interest rate decision, scheduled for Wednesday.


Economists forecast that the Fed will leave its benchmark rate unchanged but investors are likely to parse through the Federal Reserve statement for any hints concerning a June rate hike and the pace of future rate hikes.

In the meanwhile, Japanese yen weakens broadly as concerns over North Korea tensions continue. Speaking in a conference in California yesterday, Japan Finance Minister warned that while yen is always "said to be a safe-haven currency", the situation in North Korea made it "extremely unstable". And he emphasized that "we should always think about what the yen would be like if something happens in North Korea."

Tensions with North Korea have escalated dramatically in recent weeks as American and other intelligence agencies have suggested the country was readying for a possible nuclear test.

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