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Forex

EUR/USD Dives Ahead of Fed Decision as Surprise Rate Hike Sentiment Grows

Guavy AI Editorial Team
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EUR USD
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The EUR/USD currency pair has retreated to 1.1367 on July 28, marking a modest decline from recent levels as markets await the Federal Reserve's FOMC meeting conclusion and Chair Kevin Warsh's press conference scheduled for July 29.

A surprise 25-basis-point rate hike is currently priced in at around 30-38% probability by market participants, which has lent support to the U.S. dollar and led to a decline of about 0.19% against the euro.

The dollar's strength was further underpinned by geopolitical tensions in the Middle East, safe-haven demand, and an uptick in U.S. Treasury yields.

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