Dollar subdued as FOMC looms

The highlight of this week will be the Federal Reserve policy meeting (FOMC) which takes place on July 28-29. The announcement on Wednesday could either lift back the greenback, or drop it. Investors will look for clues for the timing of a rate “lift-off.” Steadily rising expectations the U.S. central bank could begin hiking interest rates as early as September have been a key factor behind the dollar’s gains over the past month.

Aside for the FOMC, there are other important events and data releases to look out for:

On Monday Germany sees the release of import price data and latest Ifo business climate numbers.
From the UK, the Confederation of British Industry publishes orders data.
In the US, building permit numbers and durable goods orders data are out.

On Tuesday, the Office for National Statistics releases the first estimate of second quarter GDP in the UK.
Home price and consumer confidence data are issued in the US alongside July’s flash US services PMI.
Canada sees the publication of producer price numbers.

On Wednesday, Japan sees the release of retail sales figures.
Retail sales data are updated in Spain and Germany, with the latter also seeing the release of GfK consumer sentiment figures.
In France, consumer confidence numbers are released. House price data are meanwhile published in the UK.
The highlight of the week will be the Federal Reserve’s Open Market Committee meeting and its announcement on its latest decision on interest rates.

On Thursday, Australia releases building permit numbers and trade price data.
Meanwhile, industrial output figures are updated in Japan.
Germany sees the release of inflation numbers.
Business climate and unemployment data are issued for the Eurozone.
The US sees the release of initial jobless claims numbers and second quarter GDP data.

On Friday, Japan releases consumer price and unemployment numbers, alongside construction orders and housing starts figures. Producer price and private sector credit data are issued in Australia.

Later on Friday, flash consumer price numbers are issued in the Eurozone. GfK consumer confidence numbers are out in the UK.
Wage data are issued in the US, while monthly GDP figures are out in Canada.

The post Dollar subdued as FOMC looms appeared first on Forex Circles.

Source:: Dollar subdued as FOMC looms

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