The US dollar rally pauses as markets await the Federal Reserve decision

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智通财经2026/07/29 12:26

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During Wednesday's Asian trading session, the US Dollar Index edged down slightly and is currently trading around 101.32, a decline of about 0.1%, temporarily pausing its previous continuous strengthening trend but still remaining near its highest level in nearly a month. The overall market is quiet, as investors are waiting for the latest interest rate decision from the Federal Reserve to be announced later in the day.
On the geopolitical front, the United States and Saudi Arabia launched airstrikes against Iranian-backed groups in Iraq, heightening tensions once again in the Middle East. Oil prices have risen as a result, but the foreign exchange market reaction has been relatively muted. Currently, the market expects about a 30% probability that the Federal Reserve will raise rates by 25 basis points at this meeting.
The US Dollar Index touched 101.63 on Tuesday, its highest level since June 25. According to OCBC Bank strategist Sim Moh Siong, while the Federal Reserve is turning more hawkish, it is not expected to raise rates this time; the wording of the policy statement will be more closely watched than any action itself. If the Fed keeps rates unchanged but signals a hawkish stance, the dollar is likely to continue to find support.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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The US dollar rally pauses as markets await the Federal Reserve decision

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