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Dollar Eases, Euro Steadies, Yen Weakens Ahead of Fed Meeting

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Japanese yen currency and dollar bank note use for currency concept

The dollar eased on Monday, retreating against the euro and other major currencies. The yen weakened as investors remained focused on the U.S. Federal Reserve’s meeting this week.

The central bank is expected to raise rates at its meeting. The Fed is also expected to announce its updated economic forecasts. Investors will be focused on the outlook for inflation and the projected pace of rate hikes for 2017.

The euro steadied against other currencies, and gained nearly half a percent against the dollar in morning trade, at 1.06.

The euro rebounded last week after the European Central Bank made the decision to extend is bond-buying program and will scale back the size of its asset purchases.

The dollar index was nearly 1% lower, indicating that investors aren’t convinced the Fed will raise rates as many times as projected next year.

The weekend deal between OPEC and non-OPEC members to curb production also sent the Canadian dollar higher, weakening the greenback in the process.

Crude prices gained nearly 5%, sending the oil-dependent currency higher. The Canadian dollar edged up to a seven-week high against its U.S. counterpart, with USD/CAD at 1.3122.

Oil prices are now at the highest level since July 2015.

Meanwhile, the dollar gained on the yen, trading up 0.39% at 115.83. The yen weakened despite reports that machinery orders were up for the month.

Japan’s core machinery increased for the first time in three months, rising 4.1% month-on-month. A 1% gain was expected. Orders, however, plummeted 5.6% year-on-year, failing to meet the 4.5% decline that was projected. Producer prices were down 2.2% year-on-year, just surpassing the 2.3% drop expected.

Elsewhere, the pound gained against the greenback to trade at 115.83. Investors were looking ahead to a string of UK economic reports and the Bank of England’s policy meeting this week.

 

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Jacob Maslow
Online Marketing Consultant at Consultwebs
 Jacob Maslow offers clients effective digital marketing insights that enhance website visibility and improve SEO as an online marketing consultant at Consultwebs. His approach marries creativity to numbers to show significant ROI for marketing efforts. This Brooklyn native has spent years helping skilled professionals, including medical and legal professionals rank for relevant search terms.
Clients attain their marketing objectives with Maslow. He has helped boutique law practices in crowded markets rank No. 1 in Google ranking. His efforts doubled the revenue for Allergy Be Gone's non-Amazon sales to $4 million annually. SEO ranking and revenue growth are prioritized when Maslow consults with prospects and long-term clients. Maslow has over a decade of experience implementing SEO practices and running successful marketing campaigns.
In addition to working with clients in various fields, but often with those in legal, financial and medical areas, he is an author, offering his expertise to those seeking to improve their engagement with online audiences. Read what Maslow has to share with eager audiences on business.com and business2community.com, including recent articles: "4 Mistakes You Can Correct Today to Be a Social Media Superstar" and "6 Things SEO Can't Do for Your Business."
Maslow puts his connections to work for clients. He founded many news sites including: Forex Binary News; eThailand; Key Investing; Rapid News Network and StreetWise Journal. Jacob Maslow stays busy as owner of Legal Scoops, Daily Forex Report, Investing Alerts and bestportablechargerz. Feel free to seek his advice on Facebook, Quora and Slideshare or contact Jacob Maslow directly.
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 Jacob Maslow offers clients effective digital marketing insights that enhance website visibility and improve SEO as an online marketing consultant at Consultwebs. His approach marries creativity to numbers to show significant ROI for marketing efforts. This Brooklyn native has spent years helping skilled professionals, including medical and legal professionals rank for relevant search terms. Clients attain their marketing objectives with Maslow. He has helped boutique law practices in crowded markets rank No. 1 in Google ranking. His efforts doubled the revenue for Allergy Be Gone's non-Amazon sales to $4 million annually. SEO ranking and revenue growth are prioritized when Maslow consults with prospects and long-term clients. Maslow has over a decade of experience implementing SEO practices and running successful marketing campaigns. In addition to working with clients in various fields, but often with those in legal, financial and medical areas, he is an author, offering his expertise to those seeking to improve their engagement with online audiences. Read what Maslow has to share with eager audiences on business.com and business2community.com, including recent articles: "4 Mistakes You Can Correct Today to Be a Social Media Superstar" and "6 Things SEO Can't Do for Your Business." Maslow puts his connections to work for clients. He founded many news sites including: Forex Binary News; eThailand; Key Investing; Rapid News Network and StreetWise Journal. Jacob Maslow stays busy as owner of Legal Scoops, Daily Forex Report, Investing Alerts and bestportablechargerz. Feel free to seek his advice on Facebook, Quora and Slideshare or contact Jacob Maslow directly.

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