NY foreign exchange market = Dollar hits 2-month high, little reaction to FOMC minutes.

October 10, 2024, 6:05 AM GMT+9 (excerpt)

In the late New York foreign exchange market, the dollar edged up slightly, hitting a 2-month high. The market calmly reacted to the Federal Reserve's decision to cut 50 basis points during the September 17-18 Federal Open Market Committee (FOMC) meeting minutes. Officials' statements from the Federal Reserve were also digested in preparation for the release of the September Consumer Price Index (CPI) on the 10th.
Investors are increasingly convinced that the Federal Reserve will not continue such aggressive easing measures. In light of the robust employment statistics released last week and the diminishing expectations of a rate cut, they viewed the meeting minutes as a thing of the past.
Dallas Federal Reserve President Logan indicated on the 9th that given the significant uncertainty surrounding the economic outlook due to the continued risk of inflation running above target, a more gradual rate cut would be appropriate.