Forex - Dollar Steady Before Fed, Pound Rebounds Slightly - Investing.com

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Forex - Dollar Steady Before Fed, Pound Rebounds Slightly - Investing.com

Forex - Dollar Steady Before Fed, Pound Rebounds Slightly - Investing.com

Posted: 31 Jul 2019 01:13 AM PDT

© Reuters. © Reuters.

Investing.com - The dollar was holding steady against a currency basket on Wednesday ahead of the Federal Reserve's rate decision later in the day where policymakers were widely expected to deliver their first rate cut in more than a decade.

With a rate cut already priced in, the main focus was on whether the Fed would leave the door open for further policy easing in a bid to insulate the world's largest economy from slowing global growth and the fallout of trade conflicts.

"The Fed will likely try and not dash the prospect of a future rate cut held by the markets. But at the same time Chairman (Jerome) Powell is certainly not in a position to promise an upcoming cut, so he is expected to keep his wording as vague as possible," said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

"Any vague policy references would provide the dollar with an extra lift as it would further temper excessive easing hopes."

The against a basket of six major currencies stood little changed at 97.82 by 04:07 AM ET (08:08 GMT) after pulling back from a two-month high of 98.206 touched on Tuesday.

The greenback traded a shade lower at 108.53 and the was steady at 1.1150. The Bank of Japan on Tuesday left policy settings steady though some suspect a move to further ease monetary conditions might not be far off.

The pound, which has tumbled this week as investors rushed to factor in the possibility of Britain leaving the European Union without a deal, managed to rebound slightly. was 0.16% higher at 1.2164, crawling back from a 28-month trough of 1.2120 plumbed on Tuesday.

Troubles for the currency, which has lost 4.3% in July, were still seen to be far from over as Britain's new prime minister Boris Johnson took over with the explicit agenda of pulling the country out of the EU by Oct. 31, whether transitional trading agreements are in place or not.

--Reuters contributed to this report

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Investors Get OK For $10.9M Forex Deal With Citigroup, MUFG - Law360

Posted: 30 Jul 2019 01:00 PM PDT

Law360 (July 30, 2019, 4:00 PM EDT) -- A New York federal judge gave investors the go-ahead on Monday for their $10 million settlement with Citigroup and a smaller deal with MUFG Bank Ltd. that would resolve claims that the banks participated in a scheme to rig foreign exchange markets.

After asking last fall for more information about the proposed deal with Citigroup, U.S. District Judge Lorna G. Schofield was apparently satisfied with the investors' latest estimates for the size of the settlement class — which, according to court records, is currently pegged at 99,198 investors from eight states who indirectly purchased a forex instrument from Citigroup.

"Upon review of...

Forex - Weekly Outlook: July 22 - 26 By - Investing.com

Posted: 21 Jul 2019 12:00 AM PDT

© Reuters. © Reuters.

Investing.com - This week the European Central Bank's policy meeting will be closely watched as investors wait to see what steps Mario Draghi may take to support the euro area economy.

The week will also bring fresh insights into the global economic outlook, with manufacturing data for Japan, the euro zone and the U.S., due Wednesday. The calendar will also feature a first look at how the U.S. economy performed in the second quarter.

In the UK, a new prime minister should be in place by the end of the week, as concerns over the prospect of a no-deal Brexit continue to build.

The U.S. dollar rose on Friday as fears of a larger-than-expected 50-basis-point interest rate cut in July abated after the New York Federal Reserve walked back dovish comments from its president the prior day.

At a conference on Thursday, New York Fed President John Williams argued for pre-emptive measures to avoid having to deal with too-low inflation and interest rates.

The dollar dropped before rebounding after a New York Fed representative subsequently said Williams' comments were not about immediate policy direction.

The , which hit a two-week low of 96.648 on Thursday, was 0.38% higher at 97.81.

The fell against the rebounding dollar on Friday as investors ramped up bets for a European Central Bank interest rate cut.

Not all analysts were convinced. Marvin Loh, senior global macro strategist at State Street Global Markets, said he believed the ECB would wait to cut rates until the Fed had done so. What's more, he noted, the bank may wait on making any significant changes in policy until incoming ECB chief Christine Lagarde has been installed.

The euro was 0.47% lower at 1.122.

The hovered around 1.25 on Friday after its biggest daily jump in more than two months in the previous session, though traders were still focused on the growing risks of a no-deal Brexit.

Investors had dumped the pound earlier this week, sending sterling to a 27-month low against the dollar and a six-month low versus the euro, before recovering some of those losses on Thursday.

, Investing.com has compiled a list of significant events likely to affect the markets.

Tuesday, July 23

U.S. Existing Home Sales (Jun)

Wednesday, July 24

Japan Manufacturing PMI (Jul)

Euro Zone Manufacturing PMI (Jul)

US Manufacturing PMI (Jul)

U.S. Services PMI (Jul)

U.S. New Home Sales (Jun)

Thursday, July 25

U.S. Durable Goods Orders (Jun)

U.S. Trade Balance (Jun)

U.S. Initial Jobless Claims

German Ifo Business Climate

ECB rate setting meeting

Friday, July 26

U.S. advance GDP

--Reuters contributed to this report

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

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