04 July 2018 ( Lagos ) : The Dollar could continue weakening against a basket of major currencies as investors profit-take ahead of Thursday’s FOMC meeting minutes. Investors are likely to closely scrutinize the FOMC meeting minutes for clues on rate hike timings during the second half of 2018.
With unemployment in the United States falling to an 18-year low and inflation hitting the golden 2% target, speculation remains elevated over the Fed raising rates at least two times this year. However, an appreciating Dollar and global trade tensions could dampen expectations over the Fed adopting a more aggressive approach towards monetary policy normalization. The Dollar could receive a welcome boost if the FOMC meeting minutes are more hawkish than expected.
Focusing on the technical picture, the Dollar Index could be experiencing a technical correction on the daily charts. A breakdown below the 94.30 level may trigger a decline towards 94.00 and 93.85, respectively. If bulls are able to awake from their temporary slumber, the Dollar Index has scope to venture towards 95.00 and 95.40.
Source: Lukman Otunuga, Research Analyst at FXTM
Reporting for EasyKobo on Wednesday, 4 July 2018 in Lagos, Nigeria
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