The US Dollar has given up its gains after the release of the July FOMC meeting minutes. Directional biases are difficult to ascertain in both the DXY Index and USD/JPY rates as momentum indicators offer conflicting views.
The highly anticipated release of the July FOMC meeting minutes proved to be a bit of a disappointment – at least for the US Dollar . The minutes contained no hawkish surprises, with one sentence standing out in particular: “
Participants judged that, as the stance of monetary policy tightened further, it likely would become appropriate at some point to slow the pace of policy rate increases while assessing the effects of cumulative policy adjustments on economic activity and inflationRecent data points suggest that recent Federal Reserve policy adjustments are indeed having the intended impact on aggregate demand and inflation: the US economy’s growth trajectory has slowed; and the July US inflation report showed a...
The knock-on effect of the July FOMC minutes was a slight reduction in rate expectations for the September Fed meeting. Odds of a 75-bps rate hike dropped from 51% yesterday to 46% today, suggesting that market participants are taking the latest communication from the Fed as confirmation of what was already known: the pace of rate hikes is due to slow over the coming months.
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