The US Dollar May Be Affected by Less Hawkish FOMC Minutes

 

The US Dollar Index (DXY) has rebounded from a fresh monthly low (104.64) as it attempts to retrace the decline that followed the slowdown in the US Consumer Price Index (CPI). However, the Federal Open Market Committee (FOMC) Minutes may drag on Greenback should the central bank show a greater willingness to implement smaller rate hikes.

TECHNICAL FORECAST FOR US DOLLAR: NEUTRAL

The US Dollar Index (DXY) fails to maintain the starting range for August as signs of slowing price growth limit chances for another 75bp Fed rate rise, and the index may continue to trade to new monthly lows if the FOMC Minutes signal to a shift in the method the central bank would take in combatting inflation.

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