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- European session review: USD mostly higher ahead of Fed's meeting
European session review: USD mostly higher ahead of Fed's meeting
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 10:00 | United Kingdom | CBI retail sales volume balance | April | -45 | -5 | 20 |
USD appreciated against most of its major rivals in the European session on Tuesday, supported by a rise in the U.S. treasury yields, as investors shifted their focus towards the U.S. Federal Reserve's monetary policy meeting. The benchmark 10-year Treasury yield increased one basis point to 1.584% early Tuesday. The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged up 0.04% to 90.84.
The Fed's two-day meeting is to begin later today. Market participants do not expect the U.S. central bank to make any changes to its monetary policy stance at the meeting, leaving interest rates and asset purchases unchanged to bolster the economy. However, close attention is expected to be paid to the signals of when the Fed might start to reduce its QE program and its inflation outlook.
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