Investing.com - The dollar edged higher against the other major currencies on Wednesday, as investors awaited the release of U.S. data, as well as the Federal Reserve’s highly-anticipated policy statement due later in the day.
USD/JPY gained 0.37% to 113.57.
Investors were eyeing the conclusion of the Fed’s two day policy meeting later Wednesday, with most investors expecting no change given recent signs of weakness in the global economy.
But the U.S. central bank was likely to signal that rates will rise fairly soon as long as U.S. inflation and jobs continue to strengthen.
Market participants were also awaiting the release of U.S. housing sector and inflation reports ahead of the Fed statement, for further indications on the strength of the economy.
The yen remained resiliant however, even after the Bank of Japan kept monetary policy on hold at the outcome of its meeting on Tuesday despite weakness in exports and output due to slowing growth in emerging economies.
EUR/USD slipped 0.15% to 1.1091.
The dollar was higher against the pound and the Swiss franc, with GBP/USD down 0.37% at 1.4099 and with USD/CHF edging up 0.13% to 0.9885.
Earlier Wednesday, the U.K. Office for National Statistics said that the unemployment rate held at 5.1% in the three months to January, in line with expectations.
The U.K. claimant count fell by 18,000 in February, compared to expectations for a decrease of 9,100 people, and following a drop of 28.400 a month earlier.
Meanwhile, the average earnings index, including bonuses, rose by 2.1% in the three months January, above forecasts for a 2.0% increase.
Excluding bonuses, wages rose by 2.2%, above expectations for a 2.1% gain.
Meanwhile, the Australian dollar was steady, with AUD/USD at 0.7459, while NZD/USD eased up 0.09% to 0.6608.
USD/CAD was up 0.15% at 1.3375.
The greenback’s gains were capped against the commodity-related loonie as oil prices moved back higher after OPEC and non-OPEC producers agreed to hold their next meeting on a plan to freeze output levels in Doha, Qatar on April 17, even without the attendance of Iran.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.23% at 96.88, the highest since March 10.