The Greenback continued to decline against its major counterparties overnight, as the FOMC meeting minutes’ dovish tones echoed Fed Chair, Janet Yellen’s comments from Tuesday night. Although the minutes showed support for a third rate hike in December, the Fed are still questioning the low inflations levels, which currently stands at 1.6%, below the targeted 2%. The FOMC showed concerns that their outlook for inflation is weakening, as inflation is struggling to grow despite the performing economy and tightening labour market.
The Euro has been provided some needed support after the German Social Democrat party announced they would be prepared to start talks with Chancellor Angela Merkel to provide her with the support for a minority government, allowing her to continue on as Chancellor. The news provides Germany with some stability after talks with the Free Democratic Party and the Green Party broke down over the weekend.
With the US markets closed today for Thanksgiving, there are little high tier economic data releases set to be released this afternoon. The only notable piece of data released will be from Canada who release their Core Retail Sales figures, which are expected to post 0.9%.