Investing.com - The dollar was little changed against the other major currencies on Tuesday, as investors eyed a report on U.S. consumer confidence due later in the day, as well as the Federal Reserve’s policy statement on Wednesday.
USD/JPY was steady at 118.30.
Market sentiment was hit as a fresh decline in oil prices, which slid back below $30 per barrel, and a late selloff in Chinese stock markets overnight added to fears over the outlook for global economic growth.
The Fed is expected to keep interest rate on hold at the conclusion of its two-day policy meeting on Wednesday after raising interest rates for the first time in almost a decade in December.
Investors were looking to the Fed policy statement for any indication that the bank is considering slowing the path of interest rate increases this year after recent global financial market turmoil.
Market participants were also cautious ahead of the conclusion of the Bank of Japan’s meeting on Friday.
Most analysts are expecting no changes to monetary policy, but recent weakness in economic reports, as well as comments by central bank officials have fueled expectations for more easing this year.
EUR/USD eased 0.09% to 1.0840.
Elsewhere, the dollar was little changed against the pound, with GBP/USD at 1.4241 and was higher against the Swiss franc, with USD/CHF rising 0.25% to 1.0155.
The commodity-related Canadian dollar remained under pressure amid the ongoing oil rout but USD/CAD was down 0.55% at 1.4208.
The Australian and New Zealand dollars were higher, with AUD/USD up 0.27% at 0.6973 and with NZD/USD edging up 0.10% to trade at 0.6462.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 99.38, still close to last Thursday’s more than one-month highs of 99.79.