The minutes from the latest Federal Reserve meeting are reinforcing the cautious tone put forward by Janet Yellen recently. As a result, hopes for a June interest rate hike are fading. The news has the greenback continuing its fall against the Japanese yen, which has been gaining ground recently.
US dollar isn’t all weakness, though. The greenback remains steady against its European counterparts and the Canadian dollar as risk aversion remains the story with falling stocks and oil. The dollar index is higher since the greenback is higher against most of the currencies in the basket. However, rising interest rates without a Fed rate hike to slow them could take a bite out of the greenback’s recent strength.
At 13:46 GMT the US dollar index is higher, moving up to 94.613 from the open at 94.486. EUR/USD is lower, falling down to 1.1345 from the open at 1.1399. GBP/USD is also dropping, heading down to 1.4099 from the open at 1.4123. USD/JPY is lower, heading down to 108.1070 from the open at 109.7890. USD/CAD is higher, moving up to 1.3126 from the open at 1.3089.
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