Forex today: dollar and US yields drop on FOMC minutes
|Forex today was all about the FOMC minutes where it was clear that the Fed is very divided over the inflation outlook where markets were most focused. The dollar and US yields dropped on the notion that the Fed is on hold until there are clear signs that inflation will rise to Fed's 2% target
For the DXY, having opened at 93.814, the day's range has been between 93.485 - 94.145 vrs the previous close of 93.853 and within the 52WK range of between 92.548 - 103.820 with a YTD return -8.52%. The US ten years also dropped and currently trade at 2.2290% within a range of 2.2185% - 2.2834% vrs a previous close of 2.2728% and within a 52WK range of 1.5135 - 2.6394 carrying a YTD return of -8.88%. The euro was up 0.30% to 1.1779 the high, Sterling +0.12% to 1.2904, the yen was up +0.42 vs the dollar.
Commodities were mixed across the board but metals were strong with copper breaking higher and the carry trade currencies were stronger on lower rates. The Aussie rallied +1.39% and the Kiwi closed higher by +1.05%.
Key events in Asia
Aussie Unemployment Rate will be released by the Australian Bureau of Statistics.
Key notes from US session
- CME Group FedWatch's December hike probability edged higher after FOMC minutes
- FOMC Minutes: Policymakers agreed a fall in longer-term inflation expectations would be undesirable
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