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Fed Was Divided on July Cut, ECB Minutes and EZ PMIs in Focus

JFD

Yesterday, the minutes from the latest FOMC gathering showed that policymakers were more divided on the decision to cut rates than the 8-2 vote suggested. The dollar strengthened somewhat at the release, but the reaction was limited, perhaps as investors prefer to wait for fresh signals by Chair Powell at the Jackson Hole. Today, the spotlight is likely to turn to Eurozone’s PMIs for August, as well as the ECB minutes for clues as to how aggressively the Bank may decide to ease at its upcoming gathering.

Fed Minutes Show Members Were Divided on July’s 25bps Cut

The dollar traded higher or unchanged against most of the other G10 currencies on Wednesday and during the Asian morning Thursday. It underperformed only against SEK and NOK. The greenback gained the most versus NZD, CHF and GBP, while it was found virtually unchanged against CAD and JPY.

USD performance G10 currencies

Read the full financial markets daily report on JFD Research.

JFD Review

Source: https://www.jfdbank.com/en/research/fed-was-divided-on-july-cut-ecb-minutes-and-ez-pmis-in-focus-20190822
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