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Dollar Holds Steady as Aussie Gains Ahead of Fed Meeting

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The dollar held gains against the yen and euro on Tuesday after its weakest day in a week. Investors are focused on the U.S. Federal Reserve meeting, which concludes on Wednesday.

The Fed is expected to raise rates for the first time in nearly a year at the conclusion of its meeting. The central bank will also announce its updated economic outlook. Investors will be looking for insight into the outlook for inflation and the Fed’s projected pace of rate hikes next year.

Market players are concerned that the Fed may take a cautious tone on its policy outlook for 2017.

The yen was at less than 115 yen per dollar in Asian trade, but settled at 115.34, ending the day down 0.2%. The yen was at 116.12 per dollar on Monday, its highest level since February.

The euro was virtually unchanged at $1.0629 after gaining 0.7% on Monday.

The pound inched higher. Sentiment improved on data that showed higher-than-expected inflation last month. Comments from Philip Hammond also boosted the currency, with the finance minister supporting a transition period to exit the EU as smoothly as possible.

Elsewhere, the Australian dollar held gains against its U.S. counterpart, driven higher by upbeat data out of China. The currency saw gains despite downbeat housing data.

The Aussie gained 0.08% to trade at 0.7502.

China announced that retail sales were up 10.8% year-on-year in November, beating expectations of a 10.1% gain. Industrial production was also up 6.2%, just surpassing expectations of a 6.1% increase. Fixed asset investment came in at 8.3%, meeting projections.

China is Australia’s largest trade partner. The upbeat report pushed the Aussie higher despite weak house data.

Australia reported that the house price index increased by 1.5% in the third quarter, failing to meet expectations of a 2.3% gain. The figure represented the weakest growth since 2013.

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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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