US dollar posts marginal changes with US Fed meeting in focus

Posted 31 July, 2019

The US dollar has not changed much against the majors during Asian trading in the middle of the week. The market, as well as the currency, is waiting for the results of the US Fed meeting that started yesterday.

The US Dollar index decreased to 97.78 on Wednesday.

According to the current market statistics, the euro-to-US dollar exchange rate stands at $1.1157, while the previous session was closed near $1.1155.

The US dollar-to-yen rate was recorded at 108.53 (108.61 earlier).

At the same time, the Australian counterpart of the greenback has got stronger with the rate reaching $0.6892 ($0.6872 earlier). The Australian currency was backed by the inflation report showing that CPI rose by 0.6% q-o-q in Q2. 

For now, everyone in the market expects the US Fed to unveil results of its meeting. The market players mostly forecast that the Central Bank may reduce the interest rate in July, making the first downward revision since 2008.

The Federal Open Market Committee is likely to lower the federal funds rate by 0.25% to 2-2.25% per annum.

At the same time, futures prices staying at the rate level suggest three reductions till January, including the July one and one more in 2020.

After the June meeting, the regulator made it clear that they were ready to reduce the rate citing uncertain economic perspective.

Along with this, the Washington-Beijing conflict remains in the air.

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31 July, 2019 11:07

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