Forex

Dollar falls ahead of FOMC minutes

2019-10-09 13:37:06 GMT (Economies.com)

US dollar fell against most of its major counterparts today, to resume its drop after a respite for 2 days, on traders' increased bets that the US Fed would cut rates for the third time during this year, ahead of a speech by the US Fed Chair Jerome Powell, in addition to the release of the recent FOMC meeting minutes.

 

The dollar index fell by 0.2% to 98.90 points, from the opening of 99.09, with an intraday high of 99.16 points.

 

The index rose by 0.1% yesterday, its second daily gain, as demand accelerated on the greenback the best current investment in the Forex market amid escalation of the US-China trade tensions.

 

The US Federal Reserve Chairman Jerome Powell hinted on on Tuesday that the bank is open to further rate cuts and stated that its members will act as appropriate to support current US economic expansion and growth which can be sustained, which increased the market's hopes about the US monetary policy.

 

These remarks and the continued weak US data increased the odds for the US Fed to cut the interest rates in its next meeting

 

Additionally, investors are anticipating today another statements by Chairman Jerome Powell for more proof on these odds in addition to the release of the recent Fed meeting minutes.

 

The US Federal Reserve Governor, Jerome Powell by 15:00 GMT, will deliver a speech in a panel discussion at a Fed Listens event hosted by the Federal Reserve Bank of Kansas City.

 

By 18:00 GMT, the minutes of the Federal Open Market Committee (FOMC) meeting which was held at September 17-18 will be released, as the meeting saw the second US interest rate cut during this year by 25 basis points to 2.0%.

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