The US Dollar (USD) is in the red after earlier being in the green when it had gained momentum after the release of the US Federal Reserve (Fed) Minutes overnight, which frightened markets after several concerns were communicated on inflation by Fed
The US Dollar has entered a patch of volatility since the Fed Minutes release. Markets will be chasing PMI’s from several countries throughout the day. The US Dollar Index trades just below 105.00 and could snap above if US PMIsurprises. The US Dollar is in the red after earlier being in the green when it had gained momentum after the release of the US Federal Reserve Minutes overnight, which frightened markets after several concerns were communicated on inflation by Fed officials in the paper.
The move comes after markets got concerned when reading that several Fed members had issued concerns on current inflation levels in the recent Fed Minutes. Markets were disregarding the fact that these Minutes are already nearly a month old and in the meantime several data elements have proven that disinflation is back on track, which could mean that the DXY is set to ease further from here.
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