Forex News

The Dollar weakened as Fed Minutes Sign at Narrow Discussion

The Dollar weakened as Fed Minutes Sign at Narrow Discussion


The dollar dropped on Thursday morning in Asia as the U.S. Federal Reserve meeting minutes unveiled that policymakers recommended a slowdown of bond purchase due to a sign of hastening inflation.

The U.S. Dollar Index traces the greenback against a basket of other currencies slightly down 0.08% to 90.123

The USD/JPY pair dropped 0.07% to 109.14 as April’s trade data released earlier in the day surpassed expectations.
Exports expanded 38.0% year-on-year, Imports improved 12.8% year-on-year and the trade balance remains at JPY225.3 billion.

The AUD/USD pair trimmed up 0.17% to 0.7740. Employment data for April released earlier in the day said that the employment change declined by 30,600 in April while the unemployment rate dropped to 5.5%.
The NZD/USD pair slightly up 0.13% to 0.7176.

The USD/CNY pair inched up 0.07% to 6.4385, with the People’s Bank of China releasing the loan prime rate earlier in the day.

The GBP/USD pair slightly up 0.01% to 1.4114.

Investors are shocked by the verdict of Fed Chairman Jerome Powell and other Fed official has mentioned again that the Fed dovish policy will remain unchanged as any rise in inflation would be temporary.