Foreign Exchange Market Update

July 29, 2026

Fed Holds Rates Steady

Federal Reserve officials left interest rates unchanged, but a fractured vote signaled growing conviction among some policymakers that higher rates are needed to curb resurgent inflation. The Federal Open Market Committee voted 9-3 to hold the benchmark federal funds rate in a range of 3.5% to 3.75%. Dallas Fed President Lorie Logan, Cleveland’s Beth Hammack and Minneapolis Fed chief Neel Kashkari dissented in favor of raising rates by a quarter percentage point.

The committee’s post-meeting statement was otherwise identical to the one issued following their June meeting. Officials repeated their pledge to “deliver price stability.” The vote marked the fifth time straight officials have opted to leave rates unchanged. But the dissents suggest it could become more challenging for Fed Chairman Kevin Warsh, who took the helm in May, to continue holding if inflation fears grow. 2026-07-29 18:05:20 GMT (Bloomberg )

German Import Price Inflation Slows to 6.1%

Euros traded at 1.1379 against USD at 9:00 AM PST

Germany's import price inflation softened in June after accelerating in May. Import prices posted an annual increase of 6.1% in June. This followed a 6.8% rise in May. The sharp rise in prices of intermediate goods and energy in the wake of the Iran war had the largest impact on import prices. Intermediate goods and energy prices rose 10.3% and 23.9%. Month-on-month, import prices dropped 0.7%, offsetting the prior month's 0.7% increase. Export prices’ inflation rose to the highest since February 2023. Export prices advanced 3.5% after climbing 3.4% in May. Compared to the previous month, export prices rose only 0.1%. 07/29/2026 - 06:08:00 (RTTNews)

Australia Inflation Slows to 4-Month Low

Australia's consumer price inflation slowed to a four-month low in June on lower fuel prices, and underlying inflation remained stable, easing pressure on the central bank for further policy tightening. On Wednesday, the Australian Bureau of Statistics (ABS) said that the consumer price index (CPI) posted an annual increase of 3.8% in June, following a 4.0% rise in May. Monthly, consumer prices edged down 0.1%, slower than the 0.7% decrease seen in the previous month.

Annual housing inflation came in at 6.8% in June, reflecting rising costs for electricity and new dwellings. Electricity remained one of the biggest contributors to annual inflation. Food and non-alcoholic beverages and recreation and culture were the other largest contributors to annual inflation. Meanwhile, inflation for transport moderated from 3.3% to 0.1%, driven by three consecutive falls in automotive fuel prices. Last month, the Reserve Bank of Australia left its interest rate unchanged at 4.35% after three consecutive rate hikes. 07/29/2026 - 03:23:00 (RTTNews)

Singapore Producer Price Inflation Edges Higher in June

Singapore's producer price inflation remained elevated at the end of the second quarter. The manufacturing producer price index climbed 31.1% year-on-year in June, slightly faster than the 30.9% growth in May. The oil index increased 36.4% annually in June, moderating from the 59.3% jump in May. The overall growth was led by the machinery and transport equipment index. Meanwhile, the non-oil index rose at a faster pace of 30.3% versus a 26.8% increase a month ago.

Monthly, producer prices dropped 0.7% after falling 0.2% in May. Inflation based on the domestic supply prices index eased from 34.1% in the prior month to 30.3% in June. Import price inflation softened from 18.5% to 13.6%, and export price inflation slowed from 14.6% in May to 12.7% in June. 07/29/2026 - 03:06:00 (RTTNews)