Customers look at the display window of a store at the gold market in Dubai, one of the busiest jewellery markets in the Middle East.
Karim Sahib | Afp | Getty Images
The U.S. dollar sank from a one-week high against a basket of major peers on Tuesday as the mood in financial markets brightened ahead of key Federal Reserve and Bank of England meetings this week.
The Fed is widely expected to raise its benchmark rate by 75 basis points on Wednesday, its fourth such increase in a row. But for the December meeting, futures markets are split on the odds of a 75- or 50-basis point increase.
Over in Britain, the BoE is also expected to raise rates by an outsized 75 basis points on Thursday before slowing back down to hike by 50 basis points in December.
The U.S. dollar index – which measures the greenback against six rivals, including the euro, sterling and yen – sagged 0.6% to 110.86 on Tuesday. That ate away some of the 0.79% gains it made…
