FOMC Minutes Fuel USD Recovery

The US dollar clocked one week high first bolstered by the weakness in the British Pound and as bond yields rose overnight. However, the latter bid was fueled by the FOMC minutes after the central bank offered hawkish comments. The U.S. Federal Reserve’s September meeting affirmed expectations that the central bank did not change the outlook for monetary policy and is likely to continue raising interest rates this year until 2019.

EURUSD seems to extend the downfall at 1.1490 handles in the post-FOMC result. Another round of EU’s meetings is underway but the softer figures and political tensions weighed on the European currencies.

GBPUSD pair fell further at 1.307 this Thursday due to lower UK inflation, greenback’s strength, and the pessimism in the Brexit as EU’s Barnier said that more time was needed to secure an exit deal for Britain.

USDJPY is on the defensive around 112.510 due to broad dollar strength and lower Japanese export figures. The pair seems poised to extend its post-FOMC gains.

Here are the Thursday’s economic data:

  • 0030 GMT: AUD Employment Change and Rate (SEP)
  • 0030 GMT: JPY BOJ Kuroda speaks at Branch Managers’ Meeting
  • 0030 GMT: AUD NAB Business Confidence (3Q)
  • 0830 GMT: GBP Retail Sales Ex and Inc Auto Fuel (YoY) (SEP)
  • 1230 GMT: USD Initial Jobless Claims
  • 2330 GMT: JPY National Consumer Price Index (YoY) (SEP)

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