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    Dollar edges higher as Fed minutes bring no surprises

    market | IST

    Dollar edges higher as Fed minutes bring no surprises

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    The global set-up is much more positive compared to the last couple of days but the problem is that there was no continuous rally – one day the market rallied and then either after hours the same day or the next day all of that disappeared.

    The global set-up is much more positive compared to the last couple of days but the problem is that there was no continuous rally – one day the market rallied and then either after hours the same day or the next day all of that disappeared.
    US futures are not selling off already, S&P 500 was up 1 percent, NASDAQ was up about 1.5 percent, yields are continuing to cool off so the 5-year was down 2 basis points (bps), the 10-year was flat, oil prices are holding at about $114 a barrel, the dollar was slightly higher. But that is largely a function of what the Euro did.
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    The Federal Open Market Committee (FOMC) minutes came through, they did not show anything new. If you had to take a consensus of the minutes, it would say that most are expecting 50 bps hikes, and they deem it appropriate at the next couple of meetings, which is two. And what happens beyond that is the big question.
    However, the Street is kind of resigned to the fact that there are hikes coming, at least in the next two meetings.
    Watch the accompanying video of CNBC-TV18’s Prashant Nair for more details.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
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