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US Dollar Slips on Dovish Fed Minutes

Yesterday’s high: $1.3241

Yesterday’s low: $1.3181

FOMC Minutes Reveal Inflation Concerns

The US Dollar retreated against the majority of its peers yesterday evening following the release of the minutes from the Federal Reserve’s most recent policy meeting.

While the minutes suggest that the Fed is still targeting another rate hike by the end of the year, policymakers appeared a little more cautious regarding inflation, with some suggesting that the drop in inflationary pressure may not be temporary.

Meanwhile, the Pound came under pressure on Wednesday as investors were spooked by comments from Chancellor Philip Hammond, in which he said that the government has not budgeted for a ‘no deal’ Brexit, suggesting that the UK may not be prepared for a worst case scenario.

USD Outlook: Pound to be Bolstered by Haldane Comments?

A speech by Bank of England (BoE) Chief Economist Andy Haldane could push the Pound higher later this afternoon as investors look for any signs that he may support a rate hike in November.

Meanwhile, USD investors will also be on the lookout for central bank speeches later today from Federal Bank Governors Brainard and Powell, with markets hoping that they will strike a more upbeat tone than the recent minutes.

Key Events

12th October

14:00 UK BOE Haldane Speech

15:30 US Fed Brainard Speech

15:30 US Fed Powell Speech

 

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To keep up to date with the US Dollar, visit the USD blog in our Currency News section.

Arron Morris


Senior Currency Broker
T: 01442 892 065

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