TechFlow, August 21 — According to Jinshi Data, the dollar edged higher after the minutes from the Federal Reserve's July meeting revealed that policymakers were more concerned about high inflation than a slowdown in the labor market. The minutes stated, "Most participants viewed upside risks to inflation as greater than downside risks to the labor market." The meeting took place before the release of July's U.S. non-farm payroll data, which came in weaker than expected.
Analysts at Danske Bank said in a report this means the Fed's minutes are "somewhat outdated," resulting in a relatively limited market reaction. Market focus has now shifted to Chair Powell's speech at the Jackson Hole symposium on Friday.
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