The US dollar strengthened after the release of the monetary policy minutes by the Federal Reserve.
The Federal Open Market Committee released minutes of its July 30–31 monetary policy meeting at which the FOMC lowered the range for the federal funds rate by 25 basis points to 2%-2.25%. Ahead of the release, market participants were hoping that the minutes would show a plan for cutting interest rates aggressively in the future. But the notes instead showed that the Fed members do not have “a preset course” and their decisions will be determined “by incoming information and its implications for the economic outlook”.
EUR/USD declined from 1.1099 to 1.1086 as of 21:14 GMT today. GBP/USD dropped from 1.2168 to 1.2123.
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