The Dollar recovered some in N.Y. trade on Tuesday, taking the DXY to 97.16 from seven-session lows of 96.72 seen into the open. USD short covering ahead of the FOMC announcement on Wednesday was a driver, though the market appears to be ready for a dovish statement from the Fed after it likely raises rates by 25 basis points. This could lead to Dollar weakness after the announcement. EUR-USD eased to 1.1350 from 1.1402 highs, while USD-JPY recovered to 112.63 from 112.25 lows. USD-CAD printed new 18-month highs as oil prices crashed lower again.
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