fxs_header_sponsor_anchor

News

Forex Today: Dollar consolidates gains ahead of Fed

What you need to know on Monday, July 26:

 The dollar retained its strength heading into the weekly close but was unable to extend gains. Appetite for high-yielding assets dented demand for the greenback, while US indexes closed at all-time highs. Government bond yields maintained the positive tone, and settled near the upper end of their weekly range, also reflecting a better market mood.

Data released on Friday indicated that the economic recovery continued at an uneven pace in July. Markit published the flash July PMIs. European indexes were mostly upbeat, while in the US and the UK the services sector contracted.

Majors remained range-bound at the end of the week, consolidating losses against their American rival, as the US Federal Reserve looms. Choppy trading will likely prevail ahead of Wednesday when the central bank will announce its decision on monetary policy. The focus is on tapering. The central bank will likely hint some action for the last quarter of the year.

Gold finished the week with modest losses just above the 1,800 mark. Crude oil prices posted a nice comeback by the end of the week, with WTI settling at $72.15 a barrel.

Dogecoin price fumbles the opportunity, but DOGE clings to bullish aspirations

 


Like this article? Help us with some feedback by answering this survey:

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.