U.S. dollar dips from 4 month high

U.S. dollar dips from 4 month high

FxPremiere.com – Telegram Daily Forex Signals – The dollar slipped from 4-1/2-month highs to trade little changed on Wednesday after minutes of last month’s Federal Reserve meeting suggested there was no consensus about the timing of a tapering of its asset purchases under the U.S. central bank’s quantitative easing program.

Dollar Up From Five Month Low

A reduction in debt purchases is typically positive for the dollar as it means the Fed will not be flooding the financial system with cash, increasing the greenback’s value.

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The minutes also said most participants “judged that the Committee’s standard of ‘substantial further progress’ toward the maximum-employment goal had not yet been met.”

This means that Fed policy would remain accommodative for some time, providing no support for the dollar.

Dollar dips on vaccine doubts

“The focus now shifts to next week’s Jackson Hole Symposium, where traders will closely scrutinize Fed Chairman Powell’s keynote speech for any hints about the timing of a taper announcement,” Weller added, referring to the Fed’s annual economic symposium in Wyoming.

In afternoon trading, the dollar index was little changed at 93.137, sliding from a 4-1/2-month peak of 93.267.

The euro hit a session high versus the dollar after the release of the Fed minutes, rising from its lowest since April 1. It was last flat at $1.1712.

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The dollar earlier gained ground as nagging concerns about the global economy forced investors to seek safety in the greenback.

Forex – Dollar Dips Amid Negative Rates

“We have a lot of macro risks at the moment surrounding markets,” said Simon Harvey, senior FX market analyst at Monex Europe in London. “We have the risk of a slowing Chinese economy, rising Delta cases in the Asia-Pacific region, and slower growth generally.”

In the United States, U.S. housing starts dropped 7.0% to a seasonally adjusted annual rate of 1.534 million units last month.

US dollar dips on vaccine news

Against the yen, the dollar rose 0.2% to 109.85.

The commodity-linked currencies such as the Australian and New Zealand dollars trimmed losses versus the greenback after the release of the Fed minutes.

The Aussie dollar was last down 0.2% at US$0.7244, while the New Zealand currency fell 0.4% to US$0.6892.

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In cryptocurrencies, bitcoin traded up 1.8% at $45,504, not far from Saturday’s three-month high of $48,190. Ether stood at $3,064, up 1.8%.

Graphic: World FX rates https://tmsnrt.rs/2RBWI5E

U.S. dollar dips from 4 month high

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