Euro Drops to Monthly Low of 1.1362 Amid Fed Rate Hike Expectations

EUR/USD slides to 1.1362 as dollar strengthens ahead of Fed decision. CME data indicates 80.8% probability of September rate hike, overshadowing upcoming Eurozone CPI releases.

Woofun AI reports that the euro declined to a monthly low of approximately 1.1362 against the US dollar during the early European session on July 28. This depreciation occurred as market participants maintained caution prior to the Federal Reserve's monetary policy announcement, while the dollar sustained its upward trajectory.

Market consensus anticipates the Federal Reserve will maintain interest rates within the 3.5% to 3.75% range, with investor attention fixed on the central bank's statement and Chairman Waller's press conference. Data from the Chicago Mercantile Exchange indicates an 80.8% probability of a rate increase in September.

Concurrently, investors await the release of preliminary consumer price index figures for Germany and the Eurozone for July.