NEW YORK (CNNMoney.com) -- The dollar rose against the euro Tuesday amid ongoing concerns about Greece and caution ahead of the Federal Reserve's latest policy meeting.
What prices are doing: The dollar was up 1.5% against the euro at $1.3176 and gained 1.4% versus the U.K. pound at $1.5249. Against the Japanese yen, the dollar was down 0.9% at ¥93.17.
What's moving the market: The euro suffered amid questions about when Greece will be able to access emergency funding it officially requested last week.
Greece is facing a May 19 deadline for refinancing about $11.4 billion in borrowings. The debt-laden country formally requested last week up to $53 billion in combined loans from the European Union and International Monetary Fund.
But recent comments from German officials have raised concern about when the aid will be disbursed and what conditions may be attached.
While an outright default is still considered unlikely, many traders are worried that Greece could be forced to restructure its debt if the emergency aid package is delayed.
"Euro deepens losses as 'debt restructuring' becomes increasingly part of the conversation over Greek debt," Ashraf Laidi, chief market strategist at CMC Markets in London, wrote in a note to clients.
What analysts are saying: The Federal Reserve's Open Market Committee opens a two-day policymaking meeting Tuesday, with a statement due Wednesday.
"The US dollar is gaining ahead of tomorrow's FOMC decision," said Laidi.
Analysts do not expect the central bank to raise interest rates from historically low levels near zero percent, but investors will look for comments on the state of the economy and how the Fed will begin to tighten its accommodative policy.
Laidi said he expects the Fed to issue "another upgrade of economic conditions," which would provide additional support for the dollar.
He also said the dollar could benefit if the Fed changes the way it has described its outlook for interest rates. "The FOMC may alter the 'extended period' phrase regarding 'exceptionally low levels of interest rates', in which case should be USD-positive." 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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