In anticipation of the Federal Reserve minutes that will be released today, the dollar dived as many investors returned to work from their holidays and began selling the dollar.
The Federal Reserve minutes is expected to be released at the FOMC (Federal Open Market Committee) meeting. It is during this meeting that market analysts have been predicting that the Feds will use these minutes to announce an interest rate hike.
The minutes combined with the release of the ISM index, which showed a decline in December from 58.1 in November to 54.2 in December, did not help to keep the dollar strong.
The euro traded against the dollar at $1.1968, which is 1.2% higher than yesterday. However, the dollar fell against the Yen by 1.3% to 116.33. However, the greatest change was seen when the dollar dropped when traded against the Swiss franc to 1.2934 francs. This was the lowest its traded at in the last two weeks.
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