Dollar Dips After Fed Holds Rates as Expected Amid Weaker GDP

The US dollar generally declined in many of its pairs on July 29 and 30 after the Federal Reserve held interest rates as expected and advanced GDP for the second quarter was weaker than anticipated.

Participants still expect a hike from the Fed on September 16, with a probability of around 60%, but there is no significant change in job market expectations.

The Bank of England's Monetary Policy Committee appeared more hawkish, voting 6-3 to hold interest rates at 3.75% against the consensus of 7-2.