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Dollar Suffers Weakness Following FOMC Minutes

ByFxNet
Published 07/10/2014, 12:36 AM
Updated 04/25/2018, 04:40 AM

EUR/USD is in the red exchanging at 1.3609 on a day with no European information and minimal on the US side. The US dollar keeps on eaing as it loses its gloss after a week ago's better-than-anticipated employments report has begun to blur as the buck slipped against the euro. In the interim, softening German exchange volumes proposes the business action in the eurozone's No. 1 economy is backing off.

GBP/USD eased by 19 points to trade at 1.7110 after the release of the Halifax House Price index which showed a significant drop in housing costs which might allow the BoE to hold off on interest rate hikes.

AUD/USD gave up 12 points to trade at 0.9400 after disappointing Chinese trade numbers and a significant increase in Australian unemployment. The unemployment rate has risen to 6 per cent in June, its equal highest level for more than a decade, making the government’s task of generating a million new jobs more difficult.

USD/JPY is down 11 points as the dollar weakened after the release of the FOMC minutes which gave no indication of potential interest rate increases but did specify an end date for asset purchases. Japan’s core machinery orders unexpectedly fell 19.5 percent in May from the previous month, government data showed on Thursday, casting doubt over the outlook for a pickup in capital spending.

Gold gained almost $10 today to trade at 1326.40 as traders wait for the FOMC minutes due in a few hours. Gold on Wednesday rebounded from a trio of downbeat sessions, as investors dipped into the safe haven ahead of the closely watched Federal Reserve minutes. Volatility should pick up this afternoon, depending on what we get from the Federal Open Markets Committee, the Fed’s policy-making group.

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