Forex Today – Asian Session: Dollar Declines As Fed Is In No Hurry To Cut

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What you need to know on Thursday, July 29:

The dollar fell after the US Federal Reserve announced its decision on monetary policy. As widely anticipated, rates and financial support programs were left unchanged. However, the statement was more optimistic than anticipated as it showed that “the economy has made progress towards these goals and the Committee will continue to assess progress at future meetings.”

Powell was also cautious, noting on the downsizing that policymakers discussed some details, but that a few more meetings will be needed to address them. American policymakers are in no rush to cut the rate, and that was pretty clear from Powell’s statement.

Stocks moved away from intraday lows but closed mixed. The DJIA lost 127 points, the S&P 500 was unchanged, while the Nasdaq advanced 102 points. Yields on government bonds fell slightly with those on the 10-year US Treasury note settling at 1.22%.

EUR / USD is trading at new weekly highs near 1.1850, while GBP / USD has returned to the 1.3900 level. The CAD was the strongest, up 1.2515, while the AUD was the weakest, holding below 0.7400. Yields and stocks weighed on USD / JPY, which closed below 110.00.

Gold recovered from an intraday low in 1972 to settle at $ 1,806.60 a troy ounce. Crude oil prices were stable and posted modest gains, with the WTI settling at $ 72.30 a barrel.

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