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Dollar flat after latest Fed minutes are released

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The Dollar stayed flat on Thursday after the latest Federal Reserve meeting minutes were published.


The minutes out on Wednesday revealed policymakers are focused on returning inflation to target and do not forecast rate cuts this year.


According to analysts, the Fed minutes were broadly in line with forecasts.


At the time of writing, the Euro rose 0.13% against the Dollar at $1.062. The single currency edged up 0.54% on Wednesday as French inflation was lower than predicted, bolstering optimism regarding the eurozone economy.


In addition, the Dollar index – measuring the greenback against major rivals – was flat on Thursday at 104.2 after moving up earlier in the session, Reuters reports. The index remains below the two-decade high of 114.78 in September but above the six-month dip of 103.38 in December.


Last year the Dollar surged as the Federal Reserve aggressively increased interest rates, resulting in investors moving towards higher-yielding U.S. assets, the Reuters report adds.#


Last month, Federal Reserve officials forecast the main interest rate would increase to just over 5% this year, currently within the 4.25%-4.50% range. The latest minutes echoed the hawkish stance that “no participants anticipated that it would be appropriate to begin reducing the federal funds rate target in 2023.”


Elsewhere, there was little change for the Japanese Yen at 132.62 per Dollar following a 1.23% fall on Wednesday. Sterling edged down 0.36% on Thursday to $1.202, following a rally the day before rising 0.76%.


Furthermore, the Chinese onshore Yuan increased over 0.3% to 6.875 per Dollar as the country’s post-pandemic reopening steps bolstered the currency. In contrast, the Australian Dollar declined 0.3% to $0.682, whilst the New Zealand Dollar fell 0.17% to $0.628.

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Mauritius,
J. Balcikonio str. 9,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.