US Dollar Slightly Lower, But Firm

Even though the US dollar is slightly lower against some of its major counterparts, it is still quite firm today. Many Forex traders are waiting for the release of the minutes from the latest Fed meeting to get an idea of what could be next.

Greenback is trading slightly lower against its European counterparts, and the dollar index is a little lower right now. However, the losses sustained by the greenback are small, and the US dollar is considered firm. Not a lot of movement is being seen right now as Forex traders wait for the release of the minutes from the latest Federal Reserve meeting.

Many expect that the minutes will show that the Fed continues to become increasingly hawkish. The expectation is that the Fed will raise interest rates sooner than expected. This policy divergence is expected to, in the long run, help support the US dollar against its major counterparts.

At 11:21 GMT the US dollar index is only slightly lower, falling to 87.6160 from the open at 87.6990. EUR/USD is higher, moving up to 1.2544 from the open at 1.2535. GBP/USD is also higher, gaining to 1.5681 from the open at 1.5631. USD/JPY is higher, remaining near multi-year highs, at 117.5840 from the open at 116.9250.

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