While most major currencies went down on Wednesday, the dollar actually climbed. The reason is The Fed's Open Market Committee (FOMC) that will conclude its regular two-day policy meeting later in the session.
The dollar came under pressure late on Tuesday after the Wall Street Journal's statement about the U.S. central bank actions.
"There has been some scaling back of expectations, but we are still bullish about the dollar going into the FOMC," said Yujiro Goto, currency strategist at Nomura. "We expect the Fed to start raising rates from next year onwards and there will be changes to outlook to growth, inflation the dots for interest rate changes."
