FXstreet.com (Córdoba) - The Dollar extended it losses at a moderate pace after the release of the minutes of the Federal Reserve. Members of the FOMC agree that the path of short-term rates going forward would be dependent on the evolution of the economic outlook. They expected the unemployment rate to stay at elevate levels for some period.
EUR/USD rose above 1.4970 to 1.4982 and currently holds near the highs of the day and the 1.50 zone. GBP/USD did not change much and continues hovering around 1.6580. USD/CHF fell below 1.0090 and is testing a support at 1.0070. USD/JPY is holding below 88.50.
According to the minutes: Some participants noted that the recent rise in the prices of oil and other commodities, as well as increases in import prices stemming from the decline in the foreign exchange value of the dollar, could boost inflation pressures. Overall, many participants viewed the risks to their inflation outlooks over the next few quarters as being roughly balanced..