FOMC minutes of meeting

Published on in Foreign Exchange News by

The impact of last night’s FOMC minutes release was a weaker USD as the correction continues.

The stand out point of the minutes was “many members judged that additional monetary accommodation would likely be warranted fairly soon unless incoming information pointed to a substantial and sustainable strengthening in the pace of the economic recovery”. However there are still sceptics who believe the Federal Reserve will not act on Q/E 3 until after the U.S. elections in November.

Rather than fundamental reasons, the weaker USD scenario has been driven this week by the covering of speculative medium term short Euro positioning as well as the expectations of bond purchases by the ECB. A decision is expected in the next 48 hours on Greece’s austerity extension, which is expected to be approved by France and Germany but without additional ‘cash’.

Sterling is now higher versus the USD with a test of $ 1.6000 looking more likely, although there is rumoured corporate interest to sell ahead of that level from $ 1.5950+. Against the Euro, the Pound is relatively unchanged holding below € 1.2700 resistance.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.26700 1.26480
GBP/USD 1.57800 1.58900
GBP/CAD 1.56300 1.57150
GBP/NZD 1.95000 1.94150
GBP/AUD 1.51000 1.51000
GBP/AED 5.79750 5.83450
EUR/USD 1.24550 1.25600
GBP/CHF 1.52200 1.51900
GBP/ZAR 13.0850 13.0800
GBP/SEK 10.5100 10.5400
GBP/JPY 1.25180 124.900
GBP/PLN 5.15300 5.13800
GBP/SGD 0.0000 1.97700
EUR/PLN 4.06600 4.06300
EUR/CHF 1.20100 1.20090
GBP/MAD 13.9500 13.9536
PLN/EUR 0.24590 0.24610
GBP/CZK 31.4500 31.5000
GBP/DKK 9.43500 9.42000
GBP/HKD 12.2400 12.3250
GBP/HUF 350.200 349.450
GBP/NOK 9.29900 9.28700
GBP/INR 87.4000 87.6800
GBP/THB 49.5500 49.6000

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