Stocks were moving higher and the dollar was mostly lower Tuesday morning as the market prepared for the Fed's rate decision, scheduled for 14:15 EST.
"Aside from a rate cut, market participants will be looking closely at the statement," said Matthew Carniol, chief currency strategist at TheLFB-forex.com. "The FOMC could signal its intention to leave policy rates low for as long as necessary, target Treasuries at the longer end of the yield curve, or further expand its balance sheet."
In recent trade, the DOW was moving 1.26% higher. The broader S&P 500 was advancing 1.82% and the NASDAQ 2.47%. The dollar was trading weaker across the board for a second day, with losses of 1.04% against the euro, 0.984% against the yen, 0.30% to the pound and 1.29% against Australia's dollar.
NYMEX crude oil for January delivery was moving higher by 41 cents to $44.92 per barrel and COMEX gold for February delivery was up $3.70 to $840.20 per ounce on the day.