Dollar steadies as investors anticipate new Fed policy outlook

27.07.2021 - Davydova Maria
Dollar steadies as investors anticipate new Fed policy outlook

The dollar slightly edged up on Tuesday and lingered below recent peaks as investors await this week’s Federal Reserve meeting for hints on the new policy outlook.

The Dollar Index that measures the greenback against other major currencies climbed 0.1% to 92.703, below last week’s 3 1/2-month high of 93.194. 

The USD/JPY pair shed 0.2% to 110.16, while the GBP/USD pair also slid to 1.3812.

The EUR/USD pair tallied a 0.1% crash to 1.1789, while the risk-sensitive AUD/USD pair fell 0.2% to 0.7365.

Elsewhere, the USD/CNY pair dropped to 6.4798. 

The EUR/HUF pair jumped 0.1% to 361.53, and USD/HUF rose 0.2% to 306.58.

Investors do not expect any changes in policy resulting from the Fed’s two-day meeting this week. However, anticipations are up for the timing of the central bank’s bond purchases removal and the member’s thoughts on the current elevated inflation levels.

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