ForexLive European FX news wrap: Dollar holds lower post-FOMC

Forex news from the European trading session – 29 July 2021



  • NZD leads, USD lags on the day
  • European equities higher; S&P 500 futures up 0.1%
  • US 10-year yields flat at 1.261%
  • Gold up 1.1% at $1,826.88
  • WTI up 0.4% to $72.67
  • Bitcoin down 0.4% to $39,800

It was a
quiet session for the most part as the market continues to digest the communication
offered up by the Fed yesterday.

The dollar
remains weaker overall, keeping with the reaction from yesterday, with EUR/USD
moving up from 1.1845 to 1.1880. Meanwhile, GBP/USD also pushed above its
100-day moving average and goes in search of a move towards 1.4000.

little changed as Treasury yields remain flattish, holding around 109.70-80

commodity currencies are maintaining a modest advance with USD/CAD sliding
further below 1.2500 to 1.2450. NZD/USD is up 0.6% to 0.6990 as the pair tests
the 0.7000 handle from around 0.6970 to start European morning trade earlier.

With the Fed kicking
the can on tapering, gold and silver are also posting decent gains with the
former up 1% to $1,827 and the latter up over 2% to $25.55 on the session.

Equities are
keeping steadier as there isn’t much of a shakeup with Powell & co. leaving
room for perhaps a Jackson Hole pivot (unofficially) but also as earnings and
month-end trading are still playing a role for the remainder of the week.


Leave a Reply

Your email address will not be published. Required fields are marked *