AUD/USD surges post FOMC Minutes

The AUD/USD benefited from the FOMC minutes that investors are digesting and that are seen as less hawkish.

At the time of writing, AUD/USD is trading at 0.6285, a touch below the post-FOMC minute’s highs of 0.6298. The pair have travelled between a low of 0.6235 and 0.6298 so far.

AUD/USD has popped on the back of a hint of a somewhat dovish stance at the Fed following the release of latest meeting minutes.

The minutes actually signaled that policymakers are concerned about the detrimental effects higher rates will have on the US economy.

“Several participants noted that… it would be important to calibrate the pace of further policy tightening with the aim of mitigating the risk of significant adverse effects on the economic outlook.”

In additional notes, however, the minutes stated that Fed officials determined that they needed to adopt and maintain a more restrictive policy stance in order to achieve their goal of lowering elevated inflation.