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Fed Preview – Two 5 Letter Words that could Make or Break USD
The U.S. dollar traded lower against the euro and Japanese Yen ahead of Wednesday’s Federal Reserve’s monetary policy announcement. This sell-off was driven by a combination of lower yields and weaker economic data. New home sales which were expected to rebound in June declined for the second month in a row. With existing and new home sales falling, the overheated housing market could finally be cooling. Ten year Treasury yields also dropped 4.4% as the S&P 500 ended the day lower for the first time in 6 trading days. It is widely believed that the July FOMC statement will remain virtually unchanged. From the ... (full story)