Dollar Creeps Lower as Large Fed Rate Hike Looms

U.S. Dollar banknotes are seen in this illustration taken on July 17, 2022. Dado Ruvic/Illustration/Reuters

LONDON—The dollar edged further away from recent 20-year highs on Wednesday ahead of the U.S. Federal Reserve policy meeting, at which the central bank is expected to raise rates by another 75 basis points to tame soaring inflation.

But moves in currency markets were modest as traders await the policy announcement at 1800 GMT.