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FOMC; Rate hikes to come sooner than anticipated?

FXStreet (Guatemala) - At the FOMC July meeting, they stuck to the targeted funds rate near to zero and continued to reduced their monthly bond purchasing program by another $10 billion.

Today, we got the FOMC minutes of that meeting adding further bids to the greenback. “It might be appropriate to begin removing monetary policy accommodation sooner than they currently anticipated”. It was documented that some members of the Federal Reserve's Open Market Committee are in favour of making a "relatively prompt" rate hike based on the economy's progress.

The minutes indicated a sense that the labor market has improved

The minutes were again very dependent on there still being more room of improvement in the economy to come before rates can go up, with particular focus turning towards the labour market with the minutes indicting that there is a sense of improvements towards "normal levels".

GBP/USD hit fresh lows below 1.6600 on slightly hawkish FOMC minutes

The US dollar gained momentum across the forex market following the FOMC minutes pushing the GBP/USD below 1.6600. The pair hit a fresh 4-month low at 1.6588.
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