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Forex News: Dollar Little Changed After Release Of Fed Minutes

Dollar Little Changed After Release Of Fed Minutes

08/22/2018 - 14:51:00 (RTTNews)

(RTTNews) - The dollar is turning in a mixed performance against its major rivals Wednesday afternoon, but remains little changed overall. The buck is down slightly against the Euro and the pound sterling, but is up slightly against the Japanese Yen.

The Federal Reserve released the minutes of its most recent policy meeting this afternoon. Traders are expecting the Fed to hike rates at its next meeting after Fed officials said it would "likely soon be appropriate to take another step in removing policy accommodation."

Existing home sales in the U.S. unexpectedly decreased in the month of July, according to a report released by the National Association of Realtors on Wednesday. NAR said existing home sales dropped by 0.7 percent to an annual rate of 5.34 million in July after falling by 0.6 percent to a rate of 5.38 million in June.

The continued decrease in existing home sales came as a surprise to economists, who had expected existing home sales to climb by 0.6 percent.

The dollar dropped to over a 1-week low of $1.1622 against the Euro Wednesday, but has since bounced back to around $1.1590.

The buck fell to over a 1-week low of $1.2936 against the pound sterling Wednesday, but has since rebounded to around $1.2915.

UK services companies' profitability decreased in the first quarter, to the lowest since late 2013, the Office for National Statistics showed Wednesday.

The net rate of return for the services industries fell to 17.2 percent in the first quarter from the revised estimate of 18.4 percent in the fourth quarter. This was the sharpest decline in a year and plunged to its lowest level since the fourth quarter of 2013.

The greenback slid to an early low of Y110.026 against the Japanese Yen Wednesday, but has since risen to around Y110.500.

Japan's all industry activity decreased in June, in line with expectations, data from the Ministry of Economy, Trade and Industry showed Wednesday. The all industry activity index dropped 0.8 percent month-over-month in June, reversing a 0.1 percent increase in May.

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