U.S. dollar edges up ahead of Fed meeting

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NEW YORK, July 29 (Xinhua) -- The U.S. dollar gained slightly against its major rivals in late trading on Monday as market participants await a key meeting of the Federal Reserve.

The U.S. central bank is set to kick off its two-day monetary policy meeting on Tuesday. It will announce its decision on whether to adjust interest rates Wednesday afternoon.

Investors are pricing high on immediate rate cut moves.

"The Fed is most likely going to cut rates by 25bp (basis points). We expect dovish guidance, paving the way to at least one more cut later this year," Chris Low, chief economist at FTN Financial, said in a note on Monday.

The dollar index, which measures the greenback against six major peers, increased 0.04 percent at 98.0501 in late trading.

In late New York trading, the euro rose to 1.1146 dollars from 1.1126 dollars in the previous session, and the British pound was down to 1.2223 dollars from 1.2383 U.S. dollars in the previous session. The Australian dollar was down to 0.6901 dollar from 0.6906 dollar.

The U.S. dollar bought 108.80 Japanese yen, higher than 108.70 Japanese yen of the previous session. The U.S. dollar decreased to 0.9915 Swiss franc from 0.9942 Swiss franc, and it was down to 1.3162 Canadian dollars from 1.3172 Canadian dollars. Enditem

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