020 7898 0500The US dollar seemed to be struggling over the past few weeks as we saw a clear, bullish move towards 1.30 on cable and 1.14 against the euro. However, the opposite can be said about yesterday’s market movement.
The US dollar regained ground against the euro and pound ahead of and following the release of the Federal Open Market Committee minutes.
The minutes confirmed that the US central bank is getting ready to reduce the financial stimulus it put in place during the prolonged financial crisis which started in 2007. When exactly the process will start remains open though. The minutes also gave little clarity as to the frequency and timing of future interest rate hikes.
Tomorrows release of ADP non-farm employment figures, unemployment claims, non-manufacturing PMI data and crude oil inventories could cause dollar market movements.
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