USD: Market players reducing positions on profit taking – Investec

By FXStreet FXStreet (Delhi) – Research Team at Investec, notes that the US Dollar buying in front of Wednesday’s FOMC meeting minutes has since given way to US Dollar selling, despite the hawkish tone of the committee across the pond.

Key Quotes

“Market players reduce positions to take profits now the event risk has subsided and will likely wait on the side lines for better levels to buy those greenbacks (save some additional new information). It’s a phenomenon in markets we call ‘buy the rumour, sell the fact’ where in this case investors bought Dollars in the build up to the minutes and with nothing likely to affect the Fed until December’s NonFarm Payroll release, sold them after the ‘fact’ of FOMC minutes in line with consensus expectations of a December interest rate lift-off.”
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Source:: FX Street