Forex Today: Dollar weaker as Fed looms

What you need to know on Wednesday, July 28:

 The dollar fell, despite a generalized dismal mood. Global stocks edged lower, while demand for government bonds increased, pushing yields lower. Market players were cautious ahead of the US Federal Reserve decision on monetary policy. The central bank will likely maintain its monetary policy on hold, with the focus on when and how they will start retrieving monetary support.

Wall Street followed the lead of its overseas counterparts and closed in the red, although off its daily lows, indexes advanced further in futures trading amid strong earnings reports. US government bond yields edged lower, reflecting the dominant cautious mood.

US data was mixed.  Durable Goods Orders were up 0.8% MoM in June, much worse than the 2.1% expected. The core reading, Nondefense Capital Goods Orders ex Aircraft, surged 0.5%, also missing expectations. On a positive note, CB Consumer Confidence improved to 129.1 from an upwardly revised 128.9 in June.

The EUR/USD pair reached a weekly high of 1.1840, retreating afterwards to close the day at 1.1820. GBP/USD hovers near 1.3900 retaining intraday gains. Commodity-linked currencies were the worst performers, ending the day pretty much unchanged vs the greenback.  Safe haven yen and CHF were sharply up.

Gold struggles around $1,800, while crude oil prices eased. WTI settled around $71.70 a barrel.

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