The US dollar held steady on Wednesday as the markets awaited the release of the latest US Federal Reserve meeting minutes. In many ways the minutes met expectations highlighting concerns over the poor US economic performance in the first quarter of this year and uncertainty on whether this was due to one off problems, now resolved or more, longer term in its nature. Therefore the likelihood of an increase in US interest rates is much reduced with many commentators pencilling in the final quarter of this year of the first quarter of 2016.
Today, we can expect another busy day for the US dollar; weekly unemployment claims are released, which have been strong figures from the US recently, and two manufacturing indicators are due – also expected to show small increases. These should continue to support the American currency. However, Federal Reserve Member Fischer will be discussing yesterday’s Federal Reserve minutes, which may well cause some movement for the currency.