Dollar Maintains Gains After Fed

FxPremiere.com – Forex Signals – The dollar maintained a strong tone in early European trade Thursday after the minutes from the last Federal Reserve meeting indicated that the world’s most influential central bank is moving towards tightening monetary policy.

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At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 92.720, just below Wednesday’s three-month peak of 92.844.

US Dollar Up, Major Currencies on Hold

USD/JPY was down 0.4% at 110.19, EUR/USD rose 0.1% to 1.1797, after falling to a three-month low of 1.1781 overnight, GBP/USD fell 0.2% to 1.3769, while the risk-sensitive AUD/USD fell 0.5% to 0.7440.

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Traders had been waiting for the release of the minutes from the Fed’s June meeting as this was the gettogether at which the central bank hinted at two rate hikes in 2023, and signaled a greater likelihood of a first raise coming as early as 2022.

Dollar Down Ahead of US Fed Policy Meeting

U.S. economic data has generally pointed to a strong economic recovery, and Thursday’s focus will be on the weekly unemployment data., due at 8:30 AM ET (1230 GMT).

Dollar Weakens Ahead of Fed Meeting

Dollar Edges Lower amid Fed Meeting

This has been taken by the market as a strong easing signal.

Dollar Maintains Gains After Fed

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Dollar Down Euro Up as Fed Maintains

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