Anticipation of Fed Minutes Pushing Dollar Down

Traders anticipate the release of minutes from the Feds December meeting, with the potential of further interest rate increases the top priority of those eager to deduce any palpable hints from the minutes.

With the rise of interest rates in 2016, the prospect of another rise, or, as some suspect, multiple rises, is at the forefront of many betting on the direction of the dollar in 2017.

With the U.S. jobs report being published on Friday, and positive manufacturing data released on Tuesday, demonstrating an apparent continuation in the U.S. manufacturing sector – the prospect of an early 2017 interest rate increase is, in the eyes of many traders and analysts, looking increasingly likely.

The retreat of the dollar pushed up gold prices today, which rose by  almost 0.50%, to $1,164.18/ounce  on the buoyancy provided by a weaker dollar.

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