Currency Analyst since 2010

July 9: Asian session

US dollar remained lower before the Federal Reserve releases minutes of its most recent meeting at 18:00 GMT amid speculation an uneven economic recovery will prompt policy makers to hold borrowing costs near zero. The greenback held losses from yesterday that came as Minneapolis Fed President Kocherlakota said yesterday inflation may run below the central bank’s target, while his Richmond counterpart Jeffrey Lacker tempered his previous expectation for more robust growth.

USD/JPY recovered to 101.64 after dipping to 101.44 earlier today. AUD/USD met resistance at $0.9415. Chinese CPI came a bit lower than expected. NZD/USD is trading just below $0.8800, not far from the pair’s record high of $0.8841 reached in 2011, as Fitch Ratings raised the New Zealand’s credit outlook from stable to positive.

EUR/USD is trading in the $1.3615 area after dipping to $1.3587 yesterday. GBP/USD is trading in the $0.7130 area after dipping to $1.7085 yesterday.

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