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European session review: USD edges higher ahead of Fed’s policy meeting

TimeCountryEventPeriodPrevious valueForecastActual
07:30JapanBOJ Governor Haruhiko Kuroda Speaks    
08:00EurozonePrivate Loans, Y/YJune3.9% 4%
08:00EurozoneM3 money supply, adjusted y/yJune8.4%8.2%8.3%
10:00United KingdomCBI retail sales volume balanceJuly252123

USD gained against most other major currencies in the European session on Tuesday as investors remained cautious, awaiting the beginning of the Federal Reserve's policy meeting. The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged up 0.01% to 92.66.

The Fed’s two-day meeting will kick off later today and its outcomes will be announced Wednesday at 18:00 GMT, and the Fed's Chairman Jerome Powell will follow with a press conference a half-hour later.

Market participants hope to get hints on the Fed’s outlook for stimulus, given that inflation has been growing steeply in recent months. However, most do not expect that the policymakers will reveal a specific date on when the reduction of the Fed’s $120 billion in monthly asset purchases will begin. 

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