July 28, 2016

FXNet, JPY Gains USD Sees Slight Losses Following FOMC Decision

Fed gives little hope for a rate hike this year.

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This article is originally referred from FXNet Market News.

The Japanese Yen gained on Thursday while the US dollar saw some losses following the Fed Reserve meeting and the decision to keep rates unchanged.

The FOMC (Federal Open Market Committee) decided at the meeting that its rate would remain unchanged at a level between 0.25 and 0.50 percent. The two day meeting left little indication that a rate hike would happen this year.

USD/JPY lost 0.18 percent trading at 105.20, AUD/USD lost 0.01 percent trading at 0.7490.

Later in the day data will be released on the Australian export price index for quarter two which is expected to add 2.9 percent, and the import price index which is expected to gain 1.6 percent.

Overnight EUR/USD rose sharply adding around 0.65 percent on the US closing session hitting 0.0071. The pair was expected to find support at 1.0909 and resistance at 1.21184.

In the US the National Association of Realtors (NAR) reported that its pending home sales index rose by 0.2 percent last month, lower than expectations for a 1.4 percent increase. Pending home sales in May added 3.7 percent.

The US Commerce Department reported that durable goods orders lost 0.4 percent in June, less than expectations for a 2.3 percent decline.

The US dollar index which measures the greenback against a basket of six other major currencies was last seen at 96.75.

Original Source: FXNet Market News

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