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USD Off Highs Headed into Fed Decision

FOREX
  • The greenback trades softer for a second consecutive session as markets pre-set ahead of the July Fed decision. Market pricing for a 25bps rate hike is well baked in, leaving markets to focus on the signals for policy further ahead, as the September and November meetings remain uncertain.
  • Greenback weakness has aided EUR/USD in a recovery off yesterday's multi-week low. EUR/USD is higher by around 20 pips and a close at these levels would end the losing streak off the July high, which extended to six sessions as of yesterday's close.
  • AUD is the poorest performer across G10, weaker against all others after a lower-than-forecast CPI print for Q2. Importantly, the trimmed mean and weighted median releases were softer than expected, helping drag back toward first support at the 0.6725 200-dma.
  • JPY is firmer for a third session, helping USD/JPY to wholly reverse the BBG/Reuters BoJ source reports posted last Friday. 140.16 marks first support, marking the 38.2% retracement of the Jul 14 - Jul 21 upleg.
  • Outside of the Fed decision, US new home sales and the Bank of Canada meeting minutes are the calendar highlights. Fed's Powell holds his usual post-decision press conference.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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