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USD softening takes EURUSD higher

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Market News

The minutes to the December FOMC meeting were released yesterday evening and Barclays Research stated that they “…provide little new information relative to what we learned from the FOMC statement, the policy action to raise the federal funds rate, and the press conference at the December meeting…”

Barclays Research also note their main take-away is “…that the monetary policy outlook, as reflected in the dot plot and summary of economic projections, is still largely based on pre-election assumptions…”

In US equities, stocks closed higher post the FOMC Minutes with the DOW closing within 60 points of the Psychological 20,000 mark, up 0.3% on the day and S&P closing up 0.56% and Nasdaq Closing up 0.87%

Yesterday the market saw USD soften, with EURUSD trading to a high of 1.0575 this morning, EURGBP also continues to climb

USD weakness prevailed overnight led once again by USDCNH, which has fallen nearly 3% in two days

Today markets will turn attention to central bank meeting minutes from the ECB. The key focus this week will be the US employment report released on Friday afternoon.

Todays’ currency rates

GBPUSD = 1.2284

 

GBPEUR = 1.1687

 

EURUSD = 1.0511

 

GBPAUD = 1.6847

 

EURGBP = 0.8557

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This article does not constitute investment advice. Do your own research or consult a professional advisor.

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