US Dollar Retreats Awaiting FOMC Minutes

Aug 20 19:08 2019 Print This Article

The US dollar fell across the board against major pairs on Tuesday ahead of the central bank summit hosted by the Fed. The U.S. Federal Reserve will be releasing the minutes from the July Federal Open Market Committee (FOMC) meeting where it cut the benchmark rate by 25 basis points. The minutes will be posted on Wednesday, August 21 at 2pm EDT. The market anticipates the US central bank to lay the dovish rhetoric very thick.

The White House has been vocal on their expectations and as more central banks jump in the dove bandwagon, the Fed is expected to lead them. The Fed did slash rates as forecasted after the July meeting, but Chair Jerome Powell confused markets with a slightly hawkish tone and lack of commitment to an easing cycle. The minutes from the July FOMC could confirm the Fed remains dovish, or could validate Powell’s hesitation to cut rates when the US economy might not warrant that adjustment.

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