Will we find out more about an interest rate hike in the US today?

The US dollar trimmed back some strength yesterday, thanks to the release of slightly underwhelming Consumer Confidence data: economists had forecast a reading of 100.0, yet the figure came in at 90.9 this month, a fair way down from the result of 99.8 seen in June.

Today we look ahead to the Federal Reserve’s statement, to see if policymakers will give any indication of an initial rate hike in the US. If this were to happen, it would be expected to boost economic growth in America – and the value of the dollar would follow in a similar vein. However, from the viewpoint of analysts, a rate rise is more likely to happen closer to September, rather than anytime in the immediate future.