The lack of at least a knee-jerk up move is very, very negative.
From FX Street:
US Dollar Index in highs around 80.40
The US Dollar index, which tracks the greenback against its main rivals, keeps pushing higher on Wednesday, printing fresh 2-week highs around 80.40.And from Reuters:
DXY eyes on FOMC minutes, Yellen
The big event for the USD will be today’s FOMC minutes, where market participants will assess the committee’s decision not to taper in its September meeting. In another tone, President Obama nominated Janet Yellen to be the next (and first woman) president of the Federal Reserve from February 1st. Despite the well-known dovish stabnce of Yellen, the USD seems to have by-passed the announcement, intensifying the upside instead. In light of the event, Trevor Greetham, Head of Asset Allocation at Fidelity Worldwide Investment, commented, “The Fed’s decision to delay a reduction in the pace of quantitative easing coupled with the much anticipated nomination of Janet Yellen as Fed chair could mean the recent phase of dollar weakness continues in the short run… However, we believe a multi year bull market for the dollar began in 2011 and it will resume before long. With home prices rising and the economy shrugging off spending cuts, the US economy is escaping from the debt trap. Interest rates are likely to rise in America before they do in the other major economies where growth is weaker”....MORE
Gold dips as Yellen lifts dollar; US shutdown underpins
