Andrew Wilkinson

U.S. Dollar Takes Beating Following FOMC Minutes

You might want to take a closer look at the charts on this subject. All of the dollar weakness occurred during the morning trading session - well ahead of the FOMC Minutes and to make the claim that those minutes weakened the dollar is misleading. The euro bought $1.3795 at 2pm ET ahead of the 2:15 release and had weakened to $1.3805 by 3pm. the dollar rose to $1.3780 by the close and by 11:20 Thursday morning, the dollar is stronger still at $1.3760. The assessment that a weaker GDP outlook by several Fed members undermined the dollar is a cause of dollar strength and not weakness.