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- European session review: USD gains as minutes of Fed’s July meeting signal tapering likely to begin this year
European session review: USD gains as minutes of Fed’s July meeting signal tapering likely to begin this year
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | Switzerland | Trade Balance | July | 4.4 | 4.1 | |
| 06:30 | Switzerland | Industrial Production (YoY) | Quarter II | 4.7% | 15.7% | |
| 08:00 | Eurozone | Current account, unadjusted, bln | June | 6.5 | 24 |
USD rose against most of its major rivals in the European session on Thursday, amid heightened concerns that the U.S. Federal Reserve could start scaling back its stimulus later this year.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, went up 0.24% to 93.36.
The minutes from July’s Fed policy meeting revealed on Wednesday that “most” participants “judged that it could be appropriate to start reducing the pace of asset purchases this year because they saw the Committee's "substantial further progress" criterion as satisfied with respect to the price-stability goal and as close to being satisfied with respect to the maximum-employment goal”.
Investors are now looking for the Fed’s Jackson Hole conference next week, hoping to get a more definitive timeline on tapering.
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