Dollar higher

NEW YORK: The dollar rose to a nearly three-week high against a basket of major currencies, as investors awaited clues from the Federal Reserve on its outlook for the U.S. economy and how many interest rate increases it may embark on in 2018.The futures market implied traders widely expected Fed policymakers would raise key borrowing costs by a quarter point to a target range of 1.50 percent to 1.75 percent after the conclusion of a two-day meeting on Wednesday.

Investors will watch for new quarterly forecasts from Fed officials due at 2 p.m. (1800 GMT) on Wednesday, followed by a press conference from Jerome Powell, his first as Fed chief.

"Except for the fact that it´s going to be Jerome Powell´s first press conference, the outcome is mostly a given," said Alfonso Esparza, senior currency analyst at OANDA in Toronto, said.

"I remember Janet Yellen´s first press conference. They are usually not used to this sort of interaction with the press and sometimes they let slip more than they want to," he said.

Market participants will track the Fed´s economic projections for clues to a possible fourth rate hike this year, analysts said.