TOKYO - The dollar was on the defensive on Tuesday, weighed by growing expectations the Federal Reserve would adopt a more accommodative policy outlook this week and concerns about slower U.S. economic growth.
The index has lost 1.3 percent after hitting a three-month high of 97.710 on March 7, on views the Fed will strike a dovish tone at its two-day policy meeting due to start later on Tuesday. “The focus is on the extent to which the Fed is able to take that into account without shocking the market,” she added.
“If the Fed really shows a gloomy outlook for growth and rates, then it’s also a negative for U.S. equities. Then that will be a negative for the dollar,” Yamamoto said.As the dollar took a breather, other major currencies advanced by default. The yen rose 0.2 percent to 111.20 yen per dollar, extending its gains to a third session.
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