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Forex Today – Asian Session: Dollar Weaken As Fed Looms

What you need to know on Wednesday, July 28:

The dollar fell, despite a general depressing mood. Global stocks fell, while demand for government bonds increased, pushing yields down. Market players were cautious ahead of the US Federal Reserve’s decision on monetary policy. The central bank is likely to keep their monetary policy on hold, focusing on when and how they will start to regain support.

Wall Street followed the lead of its foreign counterparts and closed in bearish numbers, although outside their daily lows, the indices advanced further in futures trading amid strong earnings reports. US government bond yields fell, reflecting the prevailing cautious mood.

Data for the US were mixed. Durable goods orders rose 0.8% month-on-month in June, much worse than the 2.1% expected. The main reading, Non-defensive Capital Goods Orders without Aircraft, was up 0.5%, also disappointing expectations. On a positive note, CB consumer sentiment improved to 129.1 from a revised 128.9 in June.

The EUR / USD pair hit a weekly high of 1.1840, subsequently falling back to close the day at 1.1820. GBP / USD hovers around 1.3900 keeping intraday gains. Commodity-linked currencies were the worst performers, ending the day virtually unchanged against the dollar. The safe haven yen and the Swiss franc both rose sharply.

Gold struggles around $ 1,800, while crude prices fell. The WTI closed at around $ 71.70 a barrel.

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