The US Dollar was mixed after one Federal Reserve official helped to raise expectations that the central bank is likely to raise interest rates again this year after all. Recently, the US Dollar has struggled to recover the gains it made in the immediate wake of the presidential election, and especially since the turmoil generated since President Trump unceremoniously fired James Comey, the director of the FBI. The FOMC official had hinted that economic weakness was likely temporary. The US Dollar Index had recently hit the lowest price seen since the November election but edged away and was trading today at 97.370 .DXY, up 0.02%.
As reported at 11:10 am (BST) in London, the EUR/USD was trading lower at $1.1178, down 0.03%; the pair earlier hit a low of $1.11697 while the session peak was at $1.11976. The USD/JPY was down 0.03% to trade at 111.784 Yen, while the GBP/USD was at $1.2971, a gain of 0.04%.
Fed Minutes, Draghi and BOC Loom
While Patrick Harper, the president of the Philadelphia branch of the Federal Reserve Bank, was optimistic on the possibility of another two rate hikes this year, the thinking of the remainder of the FOMC members won’t be revealed until the release later today of the latest Fed minutes. Also out today, and in the category of market moving events, is a speech by ECB chief Mario Draghi and the release of the Bank of Canada’s interest rate decision.