Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
More View More
US Dollar May Rise as FOMC Minutes Revive Rate Hike Appeal

US Dollar May Rise as FOMC Minutes Revive Rate Hike Appeal

Ilya Spivak,

Talking Points:

  • US Dollar may rise on upbeat minutes from May FOMC meeting
  • Euro may shrug off familiar rhetoric from ECB President Draghi
  • Aussie Dollar leads commodity FX lower after China rating cut

Financial markets are likely to look beyond a relatively quiet European economic calendar to focus on the release of minutes from May’s FOMC policy meeting. Confident rhetoric suggesting the rate hike cycle will not be sidelined by US political jitters may boost the US Dollar. In fact, investors may suspect just such an outcome: the greenback recovered to a five-day high in yesterday session.

A speech from ECB President Mario Draghi at the Bank of Spain in Madrid may not offer much fodder for Euro volatility. Policy officials appear to be locked in place, delivering the now-familiar €60 billion per month in QE asset purchases but offering nothing novel through year-end. This much is probably baked into prices at this point, meaning a restatement will probably pass by without incident.

Commodity bloc FX underperformed in otherwise muted Asian trade after Moody’s downgraded China’s credit rating, citing weaker growth prospects in the coming years. Not surprisingly, this weighed heavily on the currencies of countries where growth, inflation, and thereby monetary policy are closely linked to demand from the world’s most voracious consumer of raw materials. The Aussie Dollar was hardest hit.

Retail traders expect US Dollar gains. Find out here what this hints about the on-coming price trend!

Asia Session

European Session

** All times listed in GMT. See the full DailyFX economic calendar here.

--- Written by Ilya Spivak, Currency Strategist for

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.