After the Federal Reserve’s announcement of its June meeting minutes, the Dow Jones and Nasdaq began to slip. As stock traders watched the action with despair, currency traders witnessed the US dollar gain. This strengthening of the USD marked a two-year high for the currency’s value.
In the minutes, policymakers made it clear that they were not planning more quantitative easing procedures at this time. Word has it that they will closely monitor the economy for signs of further weakening before they decide to add more money to the already record-breaking stimulus plan– an idea that has been met with much controversy.
In the hour directly after the June meeting minutes were released, Forex Analyst Mark Maldonado’s technical analysis of the EUR/USD pair saw the US dollar strengthen 58 pips.
So what can you take from this news?
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