The dollar is under pressure ahead of the Fed minutes

The dollar is under pressure ahead of the Fed minutes.

The US dollar index was down by 0.2% at 93.14 at 8:16 a.m. ET.

“The dollar remains under pressure this morning, as a few familiar themes run in the background,” Mark McCormick, North American head of FX Strategy at TD Securities, said in emailed commentary.

“[W]e expect the downside to persist this afternoon, with the market likely to overreact to any dovish headlines in the minutes.”

The Federal Open Market Committee will release the minutes from its September meeting at 2 p.m. ET.

Traders will be looking for further indications that the central bank will hike interests rates again later this year.

As for the rest of the world, here was the scoreboard at 8:19 a.m. ET:

  • The euro was up by 0.3% at 1.1837 against the dollar.
  • The Japanese yen was higher by 0.3% at 112.15 per dollar.
  • The British pound was little changed at 1.3191 against the dollar.
  • The Indian rupee was little changed at 65.150 per dollar.
  • The Russian ruble was stronger by 0.3% at 57.8311 per dollar.

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