EUR/USD Fundamental Forecast – July 27, 2016

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Updated: Jul 26, 2016, 08:13 UTC

The EUR/USD added 13 points on a dip in the US dollar which had soared to a new short term high on positive economic data. The dollar gave back a bit of

EUR/USD Fundamental Forecast – July 27, 2016

The EUR/USD added 13 points on a dip in the US dollar which had soared to a new short term high on positive economic data. The dollar gave back a bit of its gains as the Federal Reserve meeting started. The DX is down 22 points at 97.06. There is little on the calendar from Europe today so prices are expected to remain sideways ahead of tomorrows Fed statement. The euro is trading just at 1.10.

The dollar is down slightly against all of its major rivals Monday afternoon, but is little changed overall. There has been no US economic data to drive trading today and very little global economic data at the start of the new trading week. However, a large number of important US reports are coming later this week.

New home sales and consumer confidence data are scheduled for Tuesday, while durable goods orders and pending home sales are slated for Wednesday. Weekly jobless claims and international trade are due out Thursday, while GDP and consumer sentiment are coming on Friday.

In addition to this upcoming data deluge, investors are awaiting Wednesday’s announcement from the Federal Reserve. The Fed is widely expected to leave interest rates unchanged as officials wait to see the fallout from Britain’s vote to leave the EU.

The central bank’s accompanying statement is still likely to be in focus, as investors attempt to gauge the outlook for the next rate hike.

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Wednesday, July 27, 2016

Country	Name	Volatility	Previous
AUD	Consumer Price Index (QoQ)	3	-0.2
AUD	RBA trimmed mean CPI (YoY)	3	1.7
AUD	Consumer Price Index (YoY)	3	1.3
AUD	RBA trimmed mean CPI (QoQ)	3	0.2
EUR	Gfk Consumer Confidence Survey	2	10.1
GBP	Gross Domestic Product (YoY)	2	2
GBP	Gross Domestic Product (QoQ)	2	0.4
USD	Durable Goods Orders	3	-2.2
USD	Durable Goods Orders Core	3	-0.3
USD	Pending Home Sales (YoY)	2	2.4
USD	Pending Home Sales (MoM)	2	-3.7
USD	Fed’s Monetary Policy Statement	3
USD	Fed Interest Rate Decision	3	0.5