US dollar markets were tentative in the early part of this week as investors were focused on the minutes from the latest Federal Reserve meeting, which were released on Wednesday evening. The minutes revealed a clear timeline as to when then US Federal Reserve’s quantitative easing will come to a close. Providing the US economic recovery stays on track, the final $15bn will be reduced at the October meeting. This announcement saw the US dollar strengthen as investors can now see an end to this unconventional monetary policy that has caused US dollar weakness. However, the minutes failed to outline a clear indication as to when interest rates may start to rise, preventing the US dollar to extend these gains.
On the data front, we saw some strong figures from the labour market which included better than expected job openings figures and also statistics showing less individuals had filed for unemployment benefits than expected.
Today brings the week to a close on a quiet note, with no major data due to impact the markets.
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