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- The Dollar May Recover After FOMC Minutes Disappointment
The Dollar May Recover After FOMC Minutes Disappointment
The Greenback may partially recover, as investors have not found any clues to the end of the interest rates hike cycle in the Federal Open Market Committee (FOMC) Minutes. Many currency traders were placing their hopes on a chance for more clear signs that chair Jerome Powell and his colleagues had eventually finished their rate hike marathon. U.S. central bankers left interest rates unchanged at 5.25-5.50%. However, those much esteemed gentlemen and ladies are trying not to hint directly on any potential turn around in their policy as they want to avoid mitigating effects of their previous actions.
Investors’ disappointment may result in covering sell positions in the U.S. Dollar ahead of the Thanksgiving holidays. As the Japanese Jen is probably the weakest link among reserve currencies, USD/JPY could test a range between 150.30 and 151.50 at least, as it is already knocking the 149.50 door. Yet, even some extended weakness in the single currency, as well as Kiwi and Aussie may follow the Yen's example, if the market loses faith in the Fed's verbal capacities to give exactly what investors want to receive.
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