The Federal Open Market Committee’s minutes from its July meeting was released on Wednesday and it has the dove written all over it.
A few key things I picked up:
1) Indication of concern over the state of the US economy and the impact of Covid.
2) FED Reserve’s Staff had told central bank officials in late July that they were lowering their estimate for economic growth over the second half of the year.
3) FED Chairman Jerome Powell ‘has said that the central bank isn’t even thinking about thinking about raising rates’.
Market’s reaction:
Stocks and bond yields moved lower.
Dollar regained traction in NY and rallied across the board on Wednesday.
Reaction in currency pairings:
USD/JPY – Rallied to session highs of 106.14 in New York
On a related note, US and China are considering a rescheduling of the Phase 1 trade deal review which was earlier planned for last weekend.
With all the heightened action surrounding the USD, it’d be an interesting to watch for show. Gear up, traders.
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