US dollar no longer at peak, insiders wait for Federal Reserve meeting minutes

Posted 22 May, 2018

The US dollar upturn has slowed down on Tuesday – trading was recorded below the 5-month high. The dollar had expanded positions on higher state-bond yields and US-China trade issue easing.

The US Dollar index was recorded at 93.593 after hitting the peak at 94.058 observed a day ago.

According to the market experts, traders probably booked some profit from stronger dollar seeing lower 10Y state bonds yields, which posted a 7-year peak just last week.

Moreover, the greenback has become more attractive on some positive development in the Washington-Beijing trade issue. In addition, it was bolstered by strong economic data over the past month.

For now, the yield of 10Y state bonds decreased to some 3.0523, while the top-level was seen at 3.128 being the highest one over 7 years.

The greenback lost some grounds against Japanese yen reaching 111.11 (111.39 a day before). At the same time, the European currency dropped to 1.1763 under pressure from Italy, though remains above the bottom of $1.1717. 

This week investors will focus on the minutes of the US Federal Reserve meeting expected in the middle of the week, as the results of the meeting can make clear the pace of policy tightening.

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