US Dollar Edges Lower Ahead of FOMC Meeting Minutes
The US dollar is trading cautiously ahead of the FOMC meeting minutes due later today and the Jackson Hole symposium scheduled for the end of this week. At the time of writing, the US dollar index is trading at around 98.23 after climbing as high as 98.450 during the previous day.
The slight dip in the dollar can be attributed to the US bond yields edging lower in anticipation of possible stimulus efforts being announced in the coming days to support the Us economy amid rising trade tensions. Concerns that the Fed could ease its monetary policy are exerting downward pressure on US bond yields as well as on the dollar.
China recently introduced reforms in a bid to lower corporate borrowing costs while Germany is considering taking on new debt to prevent its economy from plunging into recession. In keeping with these recently dovish moves from around the world, markets are expecting the Fed also to turn dovish and hint at easing the policies to protect the US economy from a possible downturn.
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