USD rose on Wednesday against a basket of world currencies to consolidate above a two-week low recorded earlier in the day, ahead of  latest meeting of Federal Reserve, which is expected to provide strong evidence about the possibility of raising interest rates this year.

USD index rose 0.15% to the level of 96.47 points, the opening level of trading today at 96.33 points, the lowest level at 96.26 points.

USD index ended yesterday’s trading down 0.3%, the fourth consecutive daily loss, recording a two-week low of 96.24 points.

US dollar fell on Tuesday after a 10-year tumble in US 10-year Treasury yields, which hit a 11-day low, amid the weak prospects for the Federal Reserve to raise interest rates this year.

In order to reassess those possibilities, investors are expected to see the minutes of the last meeting of the Federal Reserve, which was held on January 29-30, to be released later today. The minutes will be issued by 19:00 GMT.

The meeting kept interest rates unchanged at 2.50% according to most of the financial markets expectations, and the US Central Bank confirmed that it will be patient when raising interest rates this year.

Federal Reserve Chairman Jerome Powell said that the rate of interest rate hikes had declined in recent weeks, as well as heightened risks surrounding the economy, particularly the global economic slowdown and the closure of the federal government.