In a cautious market ahead of the US Federal Reserve (Fed) meeting, the dollar stabilized on Tuesday. The euro is recovering from its lowest in two weeks against the dollar.

Around 11:00 a.m., the dollar lost 0.08% to 1.1598 dollars for one euro. The Fed meets on Tuesday and Wednesday, and the markets are waiting to see if the asset purchase program will be reduced in the United States. The euro rallied a little on Monday against the dollar after hitting a two-week low on Friday. Around 7:00 p.m. GMT, the euro advanced 0.39% to 1.1603 dollars after hitting its lowest point in a fortnight at 1.1536 dollars on Friday. The Australian dollar fell sharply (-0.75% against the greenback at 1.3389 Australian dollar). For the past month, the Swiss currency has skyrocketed by almost 2% against the single European currency.

The yen remained close to its lowest level in four years against the greenback. The yen fell 0.6% to 114.02 yen per dollar, approaching its lowest since November 2017 reached earlier in the month at 114.70 yen. The yen also fell against the euro (-0.40% to 132.30 yen). The Swiss franc strengthened significantly. The Swiss franc hit a two-year high against the European single currency, at 1.0554 Swiss francs to the euro. As for the British pound, the markets believe that a rate hike could be announced as early as Thursday.