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- European session review: USD weakens as investors prepare for upcoming Fed's policy meeting
European session review: USD weakens as investors prepare for upcoming Fed's policy meeting
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 08:00 | Germany | IFO - Current Assessment | July | 99.7 | 101.6 | 100.4 |
| 08:00 | Germany | IFO - Expectations | July | 103.7 | 103.3 | 101.2 |
| 08:00 | Germany | IFO - Business Climate | July | 101.7 | 102.1 | 100.8 |
| 11:00 | United Kingdom | MPC Member Vlieghe Speaks |
USD depreciated against most other major currencies in the European session on Monday as investors shifted their focus towards the U.S. Federal Reserve's monetary policy meeting, the outcomes of which would be announced on Wednesday.
Market participants hope to get hints on the Fed’s outlook for stimulus, given that inflation has been growing steeply in recent months. Most do not expect that the policymakers will provide any concrete guidance on plans for tapering the $120 billion in monthly asset purchases this week.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, fell 0.22% to 92.71. The benchmark 10-year Treasury yield decreased two basis points to 1.252% early Monday.
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