FX Daily Wrap Up

The Dollar edged higher against the Euro and Yen today, after the Federal Reserve released the minutes from their September policy meeting. Fed officials remain “quite concerned” about upside inflation risks despite 17 consecutive 25-basis point rate increases. Last month, the Fed held interest rates steady at 5.25% stating that slower growth was expected to help cut inflation over the next few months. Today, the Dollar dropped 60 pips early in the afternoon closing out the day hovering near the 1.2500 level. Looking ahead to tomorrow’s EIA Petroleum stocks reports, continued ample Crude Oil supplies should support the US Dollar in the near term.