Currency traders are asking a question: if the US Federal Reserve is not concerned about the dollar's current levels, why should they be?
The short answer yesterday was that they chose not to worry, pushing the dollar down through key levels. It dropped below Y88 while the euro rose firmly above $1.50 after the minutes of the Fed's last policy meeting, published late on Tuesday, described the dollar's fall as “orderly”.
This was as important for what remained unsaid as for the actual words. The unsaid is that the Fed does not talk about the dollar, leaving that to the US Treasury. There can be no mistaking the deliberate intent of putting the central bank's view on record.
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