The Fed is expected to raise rates by 25 bp to 5.25%-5.50% at the end of its July meeting, but guidance is likely to be more important to the U.S. dollar and gold’s prospects than rate hike itself, which is already fully priced in.

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The Fed’s monetary policy outlook is likely to guide the USD/CAD’s near-term trajectory, but on a longer-term horizon, the pair may continue to trend lower.

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The FTSE’s bullish advance has slowed while the DAX consolidates ahead of major central bank announcements as well as top US and UK second quarter earnings reports

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USD/ZAR prices have dropped to a key support level on the back of encouraging Chinese stimulus news but the focus now shifts towards the FOMC tomorrow.

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The Bank of Japan’s policy decision on Friday is unlikely to show the central bank shifting its ultra-accommodative policy stance but a nod to higher-than-expected inflation may see the currency strengthen.

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