Dollar continue to gain against majors, eyes on Feds minutes

Dollar maintained its gains against major currencies ahead of the Feds minutes that will be released after the bank decided to start withdrawing stimulus from markets.

The start came with reducing the monthly bond purchasing program with $10 billion to become $75 billion monthly. Forecasts refer to seeing more reductions in monetary stimulus to end the financial program by the end of 2014.

 Moreover, the monetary policy followed by the Federal Reserve is encouraging traders to buy dollar, especially after the supply of the federal currency declined along with withdrawing monetary stimulus from financial markets.

Euro showed an unstable performance today against dollar without having a clear direction, while dollar gained against the Asian currencies represented in yen, Australian dollar and New Zealand dollar.

EUR/USD is hovering around 1.3629 near a one month low, noting that the hesitating performance started with the beginning of this week. As for the British pound, it declined in this week`s trades, but within a narrow range, and now the pair is trading around 1.6394.

USD/JPY gained for the second straight day and the pair recorded a high of 104.87.

The Australian dollar declined yesterday against its American counterpart to record the lowest this week at 0.8892 and it is currently hovering around 0.8919. New Zealand dollar fell slightly against dollar and currently the pair is trading around 0.8276.