Dollar holds steady ahead of Fed decision

The dollar index held steady around 99.2 on Wednesday after a two-day advance, as investors braced for the latest Federal Reserve policy decision, where it is widely expected to deliver its third 25 basis point rate cut this year.

However, policymakers remain divided, with some pushing for further easing to support a cooling market while others warn that cutting too quickly could risk reigniting inflation.

Markets will also scrutinize Chair Jerome Powell’s post-meeting remarks for clues on the 2026 rates path.

Data on Tuesday showed US job openings rose by 12,000 to 7.670 million in October, following a 431,000 increase to 7.658 million in September, with both figures exceeding expectations of 7.2 million.

Separately, the weekly ADP employment report indicated the US private sector added an average of 4,750 jobs per week in the four weeks ending November 22, rebounding after three straight periods of declines.