LONDON, July 28 — The dollar made marginal gains today after being pinned down earlier, with investors holding off on placing major bets ahead of the outcome of a US Federal Reserve meeting.
The dollar has enjoyed a month-long rally after a hawkish shift from the Fed in June. Markets are waiting to see whether the Fed will provide any clues on the timing of tapering later in the day amid surging US inflation. “The spread of the Delta Variant may have provided a good reason to remain cautious and to postpone any important tapering announcement to the Jackson Hole Symposium in late August,” ING analysts wrote in a note.
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