THE release of the US Federal Reserve’s Oct meeting minutes which indicated that the policymakers could decide to slow the pace of bond purchases at one of its next few meetings if the economic recovery gathers momentum was the key turning point for US dollar.
The US dollar index rebounded from a low of 80.704 on Tuesday testing to break the 100-day moving average of 81.222 as US yields climbed to the highest level in more than three years compared with those of the G-7. Driven by development in the US markets and uncomfortably low inflation, the euro fell from its strongest level in two weeks towards critical support of 1.3380. German producer prices fell 0.7% on-year in October, faster than the 0.5% decline in September.
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