USD Slips Toward Multi-Month Lows as FOMC Minutes Provided Unclear Outlook
The dollar weakened against major currencies after the U.S. Treasury said it would double its long-dated bond buybacks, with FOMC minutes provided mixed outlook.
The USD has been going lower today due to the effect of the announcement from the Treasury Department. The Treasury Department confirmed that it will double its buyback plans for longer-dated bonds.
This announcement points to expansionary monetary conditions and more dollars circulating in the market, which is pushing the USD lower against most other currencies.
As a result, most currencies, including EUR and CHF have been going up against the dollar today. Some analysts fear that the USD era as the world's reserve currency may be closer to over than ever before.
On the other hand, the FOMC minutes provided mixed outlook, with many members want the rates to remain unchanged, and only several of them advocated for a rate hike.
Gold has been enjoying a price surge due to this news, with price trading at $4,520 per troy ounce at the time of this article's publication, surging over 4% in the past 24 hours alone. Other precious metals as well as miner stocks have been going up a lot too today, surpassing most other categories. Cryptocurrencies like Bitcoin and Ethereum have been also going up.
Related assets: Gold, Silver, Palladium, Platinum