2014.07.2823:11:01UTC+00US dollar tightens before Fed meeting, US data

The US dollar traded near a six-month high versus a basket of major currencies early Tuesday, went virtually nowhere overnight as investors stayed on the sides before the Federal Reserve’s policy review.

The Federal Reserve would cut its monthly bond buying program by $10 to wind it up later in the year. But the market would focus on any cues to the timing of first interest rate hike.

The market would also await the US gross domestic product and the nonfarm payrolls due this week.

Against the Japanese yen, the greenback was stable at ¥101.85 while the common currency barely budged at ¥136.84.

Meanwhile, the euro was pinned close to an eight-month trough of $1.3421 nailed on Friday. The currency traded at $1.3438, changing between $1.3427 and $1.3440 Monday.