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Dollar weakens further on FOMC minutes
The rally on gold is approaching a key technical barrier as the dollar remains weak in the wake of last night’s FOMC minutes. The Fed seems intent to push ahead with tightening monetary policy despite the concerns of “many” on the committee were concerned that low inflation may be “persistent”. Whilst this is unlikely to scupper expectation of a December rate hike, it could question the pace of tightening in 2018. This puts added focus on Friday’s CPI data which is expected to show core CPI rising for the first time this year. A negative surprise on core CPI could accelerate this dollar correction. The ... (full story)