Idea of the Day We’ve seen a continual and gradual weakening of the US dollar throughout the past few years whilst the US Federal Reserve has been undertaking its quantitative easing program and now traders look to be readying themselves for the possibility that next month might mark the start of an equally as gradual withdrawal of stimulus. Already markets have been trying to anticipate such a move with many emerging market currencies counting the cost, as the reverse of what happened during the height of the Fed’s easing looks to be underway. The decline of the Indian Rupee is a case in point although the weakness of that currency is as much about the slowing economy as it is about tapering talk. But as yet there’s no distinct clarity on when tapering with actually commence. So far this week has been building up to tonight’s FOMC minutes for signs that September will mark the end of the Fed’s QE as we know it. All eyes will therefore be on the dollar today and especially later when the minutes are released. Data/Event Risks GBP: The UK releases Public Sector Net Borrowing data this morning where a surplus is expected, the first since February. With signs that the UK economy is improving, expectations are for a reduction in government debt which could help support GBP. USD: The major risk event of the day comes in the form of the FOMC minutes later today which will provide a detailed record of the meeting held two weeks ago. Many traders are hoping that this is going to answer the “will they, won’t they” taper in September question that’s been dominating the markets in recent weeks. Latest FX News EUR: The selloff in emerging market currencies has led to strength in the single currency as well as the Swiss Franc. EURUSD hit its highest level since February forming a six month high by breaking through 1.3435. USD: Doubt about whether today’s FOMC minutes will give more of a clue about tapering next months from the Fed led to a bout of dollar weakness yesterday and so traders will be looking to see if there’s a degree of “sell the rumour, buy the fact” leading to a dollar bounce later today. Further reading: Pessimistic investor sentiment before minutes of Fed meeting released FxPro - Forex Broker FxPro - Forex Broker Forex Broker FxPro is an international Forex Broker. FxPro is an award-winning online broker, offering CFDs on forex, futures, indices, shares, spot metals and energies, serving clients in more than 150 countries worldwide. FxPro offers execution with no-dealing-desk intervention and maintains a client-centric business model that puts customer needs at the forefront of our operations. Our acquisition of leading spot FX aggregator, Quotix, enables us to offer access to a deep pool of liquidity, as well as top-class order-matching and some of the most competitive spreads in the market. FxPro is one of only few brokers offering Negative Balance Protection, ensuring that clients cannot lose more than their overall investment. FxPro UK Limited is authorised and regulated by the Financial Conduct Authority (registration number: 509956). FxPro Financial Services Limited is authorised and regulated by the Cyprus Securities and Exchange Commission (licence number: 078/07) and by the South Africa Financial Services Board (authorisation number 45052). Risk Warning: Trading CFDs involves significant risk of loss. View All Post By FxPro - Forex Broker Forex News Today: Daily Trading News share Read Next USD/JPY Could Reach 99.00 While 95.75 Holds – Elliott Gregor Horvat 9 years Idea of the Day We've seen a continual and gradual weakening of the US dollar throughout the past few years whilst the US Federal Reserve has been undertaking its quantitative easing program and now traders look to be readying themselves for the possibility that next month might mark the start of an equally as gradual withdrawal of stimulus. Already markets have been trying to anticipate such a move with many emerging market currencies counting the cost, as the reverse of what happened during the height of the Fed's easing looks to be underway. The decline of the Indian Rupee… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.