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US Dollar Strengthens as Fed Hawkishness and Middle East Tensions Weigh on Markets

The US Dollar has steadied overnight after yesterday’s Federal Reserve meeting minutes showed that more policymakers were in favour of interest rate hikes. This hawkish outlook when coupled with further uncertainty in the Middle East conflict has led to further losses in other currencies.

April’s meeting minutes showed an increase in the number of officials leaning towards interest rate hikes as inflation continues to remain stubborn. Inflation has shot up in the past two months, mainly driven by higher energy costs as supply disruptions continue off the back of the U.S – Iran war.

Continued mixed signals over the Middle Eastern conflict have only aided further uncertainty in the market. This was after Trump had supposedly flagged progress in peace talks earlier this week, however yesterday he warned of renewed military action against Iran if an agreement on a peace deal did not happen soon.

Elsewhere, The Australian Dollar has slid against a basket of currencies after they experienced unexpectedly high unemployment. April’s unemployment figures surged to a 4 and a half year high. The release pointed towards Australia’s usually strong labour market cooling, effectively increasing the likelihood of interest rates remaining unchanged by the Bank of Australia.

GBP/EUR 1.1550 GBP/USD 1.3433 GBP/AED 4.9372

GBP/AUD 1.8844 GBP/CHF 1.0561 GBP/CAD 1.8491
GBP/NZD 2.2902 EUR/USD 1.1616 GBP/ZAR 22.1626

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