U.S. dollar
The dollar rose against most of the major currencies during today’s trading, and maintained its gains following the release of the Federal Reserve’s meeting minutes.
Government data released today showed that the “ISM” index of service purchasing managers in America fell to the level of 55.3 points in June, the lowest level in two years, while the number of vacancies in the country fell to 11.25 million jobs in May from 11.68 million jobs in April. .
A short while ago, the minutes of the Federal Reserve meeting were released to reveal the scenes of the discussions that took place among the members of the US Central Bank in the June meeting.
The minutes of the meeting revealed that the Fed members see the need to raise the interest rate further to control inflation, stressing that containing inflationary pressures is important to maintain the credibility of the central bank in the markets.
Fed officials also acknowledged that the rapid pace of rate hikes may lead to weaker economic growth.
It should be noted that the Federal Reserve’s meeting in June resulted in a 75 basis point rate hike, the largest increase since 1994.
In terms of trading, the dollar index (against a basket of major currencies) rose at exactly 9:32 pm Mecca Al-Mukarramah time by 0.5% to 107.1 points.