NBC Daily Forex : July 26, 2013

Published 07/28/2013, 05:07 AM
Updated 05/14/2017, 06:45 AM

The USD has been struggling since Fed Chairman Ben Bernanke's speech that cast doubt on a potential tapering of quantitative easing in September. Even yesterday's good domestic news failed to reassure investors. In fact, the greenback weakened further late in the day after an article appeared the Wall Street Journal supporting Mr. Bernanke's position. The Fed Chairman will probably clarify his reasoning at the next Fed meeting to be held on Wednesday, which will no doubt be the most important development for the month.

The USD/CAD pairing, which has lost 300 points since its peak in June, appears to be hesitating to drop any further. USD buyers would be wise to take advantage of this situation.

The highlight today will be the release of the University of Michigan Consumer Sentiment Index at 9:55 this morning. Olivier Cosialls

Range of the day: 1.0220 – 1.0320

Economic Data

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