ForexLive European FX news wrap: Dollar sags awaiting the Fed



  • JPY leads, USD lags on the day
  • European equities slightly higher; S&P 500 futures up 0.2%
  • US 10-year yields down 3.4 bps to 3.405%
  • Gold flat at $2,015.63
  • WTI crude down 2.9% to $69.59
  • Bitcoin down 0.4% to $28,574

The tension is building as we gear towards the Fed policy decision later today, after US regional banks were hammered in trading yesterday. While there is a calmer mood in equities, let’s not forget that was also the case yesterday all before it turned sour when Wall Street entered the fray.

The bond market continues to hint at caution as Treasury yields remain heavy and that is weighing further on USD/JPY, as the pair is down from 136.00 to 135.50 during European morning trade.

The dollar was rather subdued as it was offered across the board during the session. EUR/USD moved up from 1.1010 to 1.1040 while GBP/USD moved up from 1.2480 to 1.2530 before settling closer to 1.2500 now.

There is a bit of a mixed mood in markets, as oil is also seen slumping hard as global growth worries continue to weigh. WTI crude is down by nearly 3% in a fall back under $70 – the first time in over five weeks.

And despite that, USD/CAD is seen keeping closer to flat levels around 1.3620 as the dollar is struggling to capitalise on the day.

It’s now over to the Fed to see what comes next on the week.

This article was written by Justin Low at

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