EUR/USD Pair Rides Out July with Modest Gains Amid Fed Rate Decision

The EUR/USD pair ended July with modest gains near the 1.1500 mark, adding over 1.1% in the last trading week.

The price action throughout the month was dull due to investor uncertainty centered on developments in the Middle East and the US Federal Reserve's (Fed) monetary policy path.

The Fed decided to leave the benchmark rate unchanged, with a split vote of 3.50%-3.75%, as three regional bank presidents dissented, preferring an immediate 25-basis-point (bps) rate hike.

Chairman Kevin Warsh's ambiguous comments on the future path of monetary policy contributed to the US Dollar's collapse, despite his commitment to curb inflation and price stability.