On August 21, the dollar rose slightly after the Federal Reserve's July meeting minutes showed that policymakers were more concerned about high inflation than about a slowdown in the labor market. The minutes noted, 'Most participants believed that the risks of inflation moving higher outweighed the risks of a slowdown in the labor market.'
This meeting took place before the release of the July non-farm payroll data in the U.S., which underperformed expectations.
The Federal Reserve minutes are considered 'somewhat outdated,' and the market reaction has been relatively limited. Currently, the market's focus is shifting to Federal Reserve Chairman Powell's speech on Friday at the Jackson Hole symposium.
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