Greenback struggles for traction as all eyes are on Fed

London

THE dollar struggled to gain traction on Wednesday as investors awaited the outcome of a Federal Reserve meeting for clues on whether bets on a single US interest rate rise in 2016 are justified.

With investors largely in a wait-and-see mode before the Fed, Australia's dollar was the biggest mover, hitting a three-week high after a measure of domestic inflation came in slightly higher than expected.