Investors Await Fed Decision on Rate Cuts – 30 July, 2019

The dollar was steady as investors wait in anticipation on news of whether the Federal Reserve will be cutting interest rates for the first time in over ten years. Against a basket of six major currencies, the dollar index was steady at 98.036, having hit a two month high of 98.206 the previous session. The dollar dipped slightly against the yen to 108.530 yen, while the euro rose to $1.1159, up 0.5%. Sterling managed to stabilize, gaining 0.1% to $1.2157 after it fell to a 28 month low of $1.2120 the previous session. The British currency has lost 4.3% for the month of July on fears that the newly elected Prime Minister Boris Johnson will pull the country out of the European Union without a Brexit deal.