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US Dollar Tumbles as FOMC Minutes Reflect Worsening Forecasts for Unemployment, GDP
Wednesday, 20 May 2009 18:18:38 GMT
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The US dollar has pulled back across the majors, pushing EUR/USD above 1.3800 and GBP/USD through 1.5700, following the release of the minutes from the Federal Reserve's April 28-29 policy meeting.
The minutes show that the FOMC expects a deeper recession in 2009, a slower rebound in 2010, a greater rise in unemployment, and a possible need to expand their QE program. The full minutes from the meeting can be found on the Fed's website and the updated quarterly forecasts are listed below:
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