FX Week 25 August 2013 |
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Although the minutes of the July Fed meeting showed the majority of its members supporting a QE tapering by the end of the year, the markets still remain divided about whether it will happen in September or not, which is serving to keep the USD’s gains limited and relatively selective. USD strength is being seen against EM currencies, but in the developed world the reaction is more contained especially against the EUR which remains buoyed by improving Eurozone fundamentals. The August US jobs report looms next week as the next main catalyst for USD direction, but until then the markets are likely to remain subdued and USD gains quite gradual.
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