July 27, 2021
Daily FX Market Roundup 07.27.2021
By Kathy Lien, Managing Director of FX Strategy for BK Asset Management
The U.S. dollar traded lower against the euro and Japanese Yen ahead of Wednesday’s Federal Reserve’s monetary policy announcement. This sell-off was driven by a combination of lower yields and weaker economic data. New home sales which were expected to rebound in June declined for the second month in a row. With existing and new home sales falling, the overheated housing market could finally be cooling. Ten year Treasury yields also dropped 4.4% as the S&P 500 ended the day lower for the first time in 6 trading days.