Marketwatch North America

Daily Insights
July 25, 2023

The FOMC starts their 2-day policy meeting today and will culminate with tomorrow’s rate announcement at 2pm ET. A 25 basis-point hike is widely anticipated so the focus will be on the Fed’s statement for clues into ongoing rate strategy. Differences among FOMC policymakers have begun to surface, with some voting members shifting to a more dovish stance in support of the labor market.

The U.S. dollar index is higher today for the 6th consecutive daily gain, trading at 101.441. Resistance is nearby at 102.00, and support now at 99.50. The USD is mixed against its G10 counterparts, 0.74% vs. NOK, 0.25% vs. CAD, 0.22% vs. EUR, -0.40% vs. AUD, -0.16% vs. NZD, -0.14% vs. CHF, and -0.08% vs. JPY.

Equity indexes are mixed today showing minor net gains and losses. But equities have had a bullish month as seen in the S&P 500 Index which has gained 2.34% during July. What’s more, the S&P 500 is in its 5th consecutive monthly gain and is 14.72% since February’s close at 3970.15. If nothing else, equity traders believe the Fed is near the end of its rate tightening cycle.

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Economic Calendar

USD - CB Consumer Confidence
USD - Richmond Manufacturing Index

Market Indicators

Currency Pairs
Pair High Low
usd/jpy 141.812 140.734
eur/usd 1.11468 1.10502
gbp/usd 1.28838 1.27936
aud/usd 0.67559 0.67127
usd/cad 1.32286 1.31214
Equities and Commodities
SP500 4,580.7500
NASDAQ 15,593.7500
DOW 35389.1
GOLD 1957.95
SILVER 24.64
S&P 500

This document is for information purposes only and does not constitute any recommendation or solicitation to any person to enter into any transaction or adopt any trading strategy, nor does it constitute any prediction of likely future movements in exchange rates or prices or any representation that any such future movements will not exceed those shown on any illustration. All exchange rates and figures appearing are for illustrative purposes only. You are advised to make your own independent judgment with respect to any matter contained herein.