Forex Today: FOMC´s easing cycle didn’t spook dollar bulls
|Here is what you need to know on Thursday, August 22nd:
-US President Donald Trump tweeted that they were doing “great” with China, saying that the main problem the US is facing is Fed’s policy and Powell .
-German President Frank-Walter Steinmeier and FM Scholz down talk Merkel’s comments about the Withdrawal deal, reiterating that the withdrawal agreement is not open to re-negotiations. Later in the day, and following a meeting, Chancellor Merkel challenged PM Johnson to come up with a solution to avert a no-deal Brexit “n the next 30 days, rolling the ball back to the UK’s side of the court.
- FOMC Minutes showed that most policymakers viewed the recent rate cut as part of a mid-cycle adjustment in response to the recent changes in the economic outlook. In general, officials weren’t able to agree on the rate cut, but most of them agreed that forward guidance and QE might not be enough. Somehow, the Fed has hinted more rate cuts coming, yet the dollar ticked higher.
-US oil stockpiles decreased by less than expected in the US, but crude oil prices were unable to hold on to gains, edging lower in the US session .
- Safe havens gold and yen hold ground.
- Cryptocurrencies remained under pressure BTC settled above 10,000.
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