The euro continued its gain against the U.S. dollar with a rise of 1.02% at 12:22 EST, continuing from Wednesday’s trading session, in which the currency closed up 0.85166 against the dollar, pushing against three consecutive days of losses in trading sessions in the days prior to the release of minutes from the Feds December meeting.
Since November 2016 the euro has maintained a trajectory of consistent decline against the dollar, with only minor plateaus and occasional rises to damped its fall. However, despite a pick up in the euro against dollar on December 19, the currency had begun to fall back to its mid-December levels in the concluding trading session of 2016, and the first two of the new year.
Wednesday’s release of minutes from the Feds December meeting, in which concern had been expressed for the “uncertainty” regarding the assumed course of action for the U.S. economy under the impending Trump administration, pushed the dollar down against many major currencies. With the British pound reversing some of the considerable losses it had incurred in the closing weeks of 2016, and the euro also picking up moderately.
Dollar-denominated commodities also experienced gains, as they became less expensive for purchasers employing other currencies, with gold being one of the most significant risers.
With the imminent inauguration of President-Elect Donald Trump on January 20, the dollar is expected to resume, or continue its decline depending on its meantime performance – a move of which is once more expected to further push dollar-denominated commodities higher, as well as assist euro and pound currencies reverse recent downward trading sessions.