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Forex Today: Fed Minutes Reveal Little Appetite for Rate Cuts

US Federal Reserve meeting minutes released yesterday show members unwilling to begin cutting rates due to strong demand, growth, and persistent inflationary pressure in the US economy, giving a boost to the US Dollar.

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    1. Minutes of the most recent FOMC meeting at the US Federal Reserve were released yesterday, which showed members with little impetus to begin cutting rates any time soon, which has been expected to be due at 0.50% by July 2024. Members cited inflation well above the target rate of 2%, and unexpectedly strong GDP and consumer spending data. This has had the effect of giving some tailwind to a relief rally in the US Dollar after it reached its lowest point in months against several currencies, and against stocks after major US indices also reached significant highs.
    2. In the Forex market, the US Dollar is the strongest major currency over the short term, while the Japanese Yen is the weakest. Yesterday saw the EUR/USD and AUD/USD currency pairs reach new 3-month high prices before falling back.
    3. Gold hit $2,000 per ounce yesterday for the first time in almost three weeks and is rising towards a new 6-month high at $2,010.
    4. Canadian CPI (inflation) data released yesterday came in as expected, showing a month-on-month increase of 0.1%.
    5. There will be releases today of:
      • US Ubnemployment Claims
      • US Revised UoM Consumer Sentiment  
    6. It is a public holiday tomorrow in Japan and the USA (Thanksgiving).
    Adam Lemon
    About Adam Lemon

    Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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