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28 Jul 2021

EUR/USD drops below 1.1800 as USD gathers strength ahead of FOMC

  • EUR/USD came under modest bearish pressure in the American session.
  • Rising US Treasury bond yields help USD outperform its rivals.
  • FOMC will release its Monetary Policy Statement at 1800 GMT.

After rising to a daily high of 1.1830, the EUR/USD pair lost its traction in the early American session and was last seen losing 0.2% at 1.1790.

DXY stays in the positive territory above 92.60

The renewed USD strength is in the second half of the day is causing EUR/USD to edge lower. Ahead of the FOMC's policy announcements, recovering US Treasury bond yields are helping the greenback attract investors. Currently, the benchmark 10-year US Treasury bond yield is up 1.1% on the day at 1.2560 and the US Dollar Index (DXY) is up 0.2% at 92.66.

The only data from the US showed earlier in the day that the international trade deficit widened to $91.2 billion in June from $89.2 billion in May. Nevertheless, this print failed to trigger a noticeable market reaction.

Investors will look for fresh clues regarding the timing of asset tapering in the Fed's Monetary Policy Statement, which will be released at 1800 GMT.

Previewing the FOMC's July meeting, FXStreet analyst Yohay Elam said the Fed is expected to hold firm with its bond-buying scheme and push back against any imminent tightening. "The lack of action by the Fed does not mean stability in currency markets – printing more dollars for longer means a weaker greenback," Elam added.

Federal Reserve Preview: Three reasons why Powell could pause, pummeling the dollar.

Technical levels to watch for

 

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Major equity indexes in the US opened on a mixed note on Wednesday as investors refrain from taking large positions while waiting for the FOMC to anno
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