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Dovish FOMC Minutes

Fed Fuels Easing Expectations

The US dollar continued to decline over the early European session on Thursday as the sell-off in response to yesterday’s FOMC minutes develops further. The minutes were decidedly dovish, noting that

“Many judged additional monetary policy accommodation would be warranted in the near term should these recent developments prove to be sustained and continue to weigh on the economic outlook.”

USD index trades 96.55 last as the rejection from the 97.10 level deepens. Looking ahead to today’s US session, the market is waiting for US CPI data which is expected to have ticked lower last month. This would weigh on USD further if confirmed.

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EUR Down Despite USD Weakness

EURUSD has weakened today, despite the sell-off in USD. Concerns around the health of the eurozone economy, as well as expectations of forthcoming ECB easing, are keeping the pressure on EUR. Price trades 1.1268 last. ...

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