US dollar down on the recent Federal Reserve minutes

Posted 24 May, 2018

US dollar has slightly decreased against euro and other majors in Asia on Thursday following the release of the minutes of Federal Reserve meeting.

At the same time, the yen has resumed rising on further weakening of demand for risk assets. The market was rattled by the rumors that the White House was working on a 25% import duty on vehicles. An additional influence on the yen came from persisting uncertainties around the planned US-North Korea summit, as it is unclear whether it eventually takes place or not. These doubts affect geopolitical relations in the Asian region.

The US dollar-to-yen exchange rate was 109.59 (110.08 a day before). European currency strengthened against the greenback reaching some $1.1717, while the previous session was closed at $1.1697.

The minutes read that the US Federal Reserve followed the market expectations – the regulator may raise the rate in June, though their words about gradual monetary normalization make three more lifts less probable this year.

According to the released reports, it is too early to think that inflation will stay near 2%, in particular given that it had been below the target 2% level for a few years already.

The analytical market services believe that the Federal Reserve may increase the rate by 25 basis points in June.

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