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The US is to release figures on Q2 growth on Thursday, which were expected to show that the economy rebounded following a contraction in the Q1 after an unusually harsh winter. Data on Tuesday showed that US consumer confidence unexpectedly deteriorated this month, consumer confidence flashed at 90.9 which is a way below forecasts at 100.1.
It is going to be a busy day for dollar as the flurry of significant data releases are lined up:
- FOMC statement
- Fed's interest rate decision
- Crude oil inventory levels
- Pending home sales MoM
Fed Chair Janet Yellen hinted that the central bank could raise rates as soon as September if the economy sustains to progress as projected. USD/JPY was up to 123.67 from last night's lows of 123.00. Investors have been eager to see if Fed policymakers will hint any indication on the timing or pace of future interest rate increases.
The euro and the yen dipped against the dollar on Wednesday ahead of the Federal Reserve's rate statement later in the day, which it was hoped would contain clues on the timing of an initial rate hike. EUR/USD eased 0.10% to 1.1047 from 1.1021 late Tuesday. We expect highly volatile dollar on the verge of the above data especially against yen and euro.
