Dovish Fed speakers and CPI miss hurt US Dollar
The USD was on the back foot following the US inflation miss and Fed speakers suggesting that the Federal Reserve should be patient with any interest rate hikes and balance sheet reduction. This week the market will be focused on Thursday morning’s FOMC minutes to re-evaluate the likelihood of another 2017 policy move. The market is currently expecting the Fed to pursue asset sales over raising the Fed Funds rate. Geo-political concerns over North Korea continue to impact markets, with the country planning to fire four Hwasong 12 missiles by “mid-August” and world leaders calling for de-escalation of rhetoric.
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