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Traders Await Fed Minutes

Traders Await Fed Minutes

Yesterday’s data releases were mostly dominated by the US. On the currency front, despite the disappointing data the dollar managed to hold a firmer tone with the currency making modest gains against the euro and sterling. 

EUR/USD opens this morning back down near the $1.17 mark and GBP/USD is once again back below the $1.38 level, holding mostly in the lower half of the $1.37-1.38 band. 

Elsewhere, EUR/GBP continues to remain in a tight range, just above 85p. So far this morning UK CPI data for July has come in weaker than anticipated, however the focus for markets today is on the release of the Fed meeting minutes, but this will come after the European close. Traders will be keeping a keen eye for clues as to when the Fed may start QE tapering. The dollar will be at some risk when these minutes are released.

 

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