USD pauses uptrend after the release of soft US inflation.
Greenback to rely on FOMC meeting to dictate its next move.
Investors expect hawkish hold with US central bank keeping rates at 5.25-5.50% range.
On Wednesday, the US Dollar Index (DXY) saw a downward trend following the release of US Consumer Price Index (CPI) data and ahead of the Federal Reserve’s (Fed) Federal Open Market Committee (FOMC) decision.
The two-day FOMC meeting, which ends on Wednesday, is a pivotal point for market observers as they will get a clearer outlook on the latest data, which saw inflation softening despite a strong labor market.
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