Breaking News
0

Forex - Dollar Little Changed Ahead of Key Central Bank Meetings; BOJ In Focus

ForexJul 30, 2018 01:28AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. The dollar were little changed on Monday

Investing.com - The dollar was little changed on Monday ahead of several key central bank meetings coming up this week.

The Bank of Japan ends a two-day meeting on Tuesday, while the U.S. Federal Reserve concludes its policy meeting on Wednesday and is widely expected to reaffirm the outlook for further gradual rate rises, as the market is almost fully priced for a rate hike in September and expects a further move before the end of this year. The Bank of England also makes a policy decision on Thursday.

The U.S. Dollar Index, which tracks the greenback against a basket of other currencies, was unchanged at 94.47 by 1:20AM ET (05:20 GMT).

U.S. second-quarter GDP grew at 4.1%, marking the quickest pace of growth since 2014, although its impact on the dollar seemed to be limited. 

In Asia, Bank of Japan’s (BOJ) policy meeting on Tuesday is expected to receive some focus as traders believe the central bank could tweak its massive asset-buying campaign.  The USD/JPY pair gained 0.02% to 111.05 ahead of the meeting.

"Our base case scenario is for the BOJ to make no policy change. But there is increasing speculation the BOJ may tweak its yield curve control settings in part because of lower bank profitability and muted inflation in Japan," Elias Haddad, senior currency strategist at Commonwealth Bank of Australia, wrote in a note. 

Analysts also believed the BOJ could also modify its annual objective of accumulating 80 trillion yen ($720 billion) of Japanese government bonds, as well as potentially lifting its target yield for 10-year JGBs.

"Any of these policy changes would be interpreted as a step toward less monetary policy accommodation, dragging USD/JPY lower," Haddad said.

Elsewhere, the Australian dollar dipped 0.05% to $0.7398, trimming some of its gains after rising roughly 0.4% on Friday against a broadly sagging dollar.

Forex - Dollar Little Changed Ahead of Key Central Bank Meetings; BOJ In Focus
 

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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.
Continue with Google
or
Sign up with Email