EUR/USD fell to about 1.1362, its lowest level this month, during early European trading on July 28, according to Jin10. The pair weakened as traders stayed cautious before the Federal Reserve’s policy announcement, while the U.S. dollar extended its gains. Markets widely expect the Fed to leave rates unchanged in the 3.5% to 3.75% range, keeping attention on the policy statement and Fed Chair Wash’s press conference. CME data showed the probability of a September rate hike at 80.8%. Investors are also waiting for preliminary July consumer price index readings from Germany and the wider eurozone, adding another data point for near-term rate expectations.
EUR/USD fell to about 1.1362, a monthly low, in early European trading on July 28, according to Jin10.
The pair came under pressure before the Federal Reserve’s policy announcement as markets stayed cautious and the U.S. dollar extended its gains. Markets widely expect the Fed to keep rates unchanged in the 3.5% to 3.75% range. Investors are watching both the Fed statement and Fed Chair Wash’s press conference.
Data from the Chicago Mercantile Exchange showed an 80.8% probability of a September rate hike. At the same time, investors are waiting for the release of preliminary July consumer price index data from Germany and the eurozone.
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