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Forex: Tuesday's review
The greenback fell to almost the lowest level since August 2008 against the currencies of major U.S. trading partners as a report showed home prices dropped by the most in more than a year. The central bank begins a two-day policy meeting that will be followed by Fed Chairman Ben S. Bernanke’s first post policy decision press conference.
The U.S. central bank will leave its target rate for overnight lending between banks at zero to 0.25 percent at its two-day meeting. The Fed may say it plans to complete the purchase of $600 billion of Treasuries by June.
The S&P/Case-Shiller index of home prices in 20 U.S. cities fell 3.3 percent in February from a year earlier in the biggest decrease since November 2009.
The euro rose earlier against the yen and dollar as European Central Bank President Jean-Claude Trichet indicated policy makers stand ready to raise interest rates to counter inflation expectations.
Preliminary GDP estimate from the U.K. - the major report ot the europ;ean session on Wednesday (08:30 GMT).
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