22.08.2019: JPY rises, USD stays firm (USDХ, JPY, AUD)
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The Fed’s meeting minutes reinforced the more hawkish tone expressed by Fed officials. The US dollar grew at first but then gave back its gains. At the Asian session, the greenback was stable. However, it was weakening against the yen.
Judging by the minutes of the July meeting, the Fed is unlikely to reduce its key rate in the near future. The recent monetary policy easing was a mid-cycle adjustment, not the beginning of an epic easing cycle. Market participants are concerned that Fed officials may change rhetoric at tomorrow's symposium.
Traders mostly ignored the release of the FOMC minutes. After the July meeting, there were many other important events. Besides, investors suppose that the central bank may have also reconsidered its approach toward monetary policy. They hope that Jerome Powell’s speech will provide some hints about the future of the key rate. His comments are also of particular interest after the inversion of the US yield curve. During the Asian session, the US dollar index was flat, trading at 98.32.
The yuan is giving in against the US dollar. The yuan is weighed down by uncertainty over the US-China trade dispute. The demand for safe-haven currencies has slightly improved while Asian stocks are trading mostly in negative territory. The yen rose by 0.2% against the US dollar. The dollar/yen was dropping, ignoring weak macroeconomic statistics from Japan.
On Wednesday the Australian dollar was trading sluggishly. On Thursday, however, the Aussie seemed to pick a trajectory. The AUD/USD pair fell to 0.9820 after the release of negative macroeconomic data from Australia.
Presently, traders are closely watching the Fed’s symposium in Jackson Hole. Despite the Fed’s recent hawkish sentiment, traders are stubbornly anticipating hints at the key rate cut.
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