| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:30 | Switzerland | Producer & Import Prices, y/y | September | 4.4% | | 4.5% |
| 08:00 | France | IEA Oil Market Report | | | | |
| 10:10 | United Kingdom | MPC Member Tenreyro Speaks | | | | |
USD declined against most of its major rivals in the European session on Thursday, taking a breather after the strong rally, which lasted for more than five weeks and pushed the U.S. dollar index to a one-year high of 94.56 on Tuesday.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, decreased 0.23% to 93.86.
Expectations of quicker-than-expected tightening of monetary policy by the Federal Reserve have helped the U.S. currency appreciate since early September.
The FOMC minutes from the September meeting, which were released Wednesday afternoon, confirmed that the reduction of the Fed’s asset purchases is likely to begin this year. In addition, they revealed that the purchases would be reduced on a monthly basis by $15 billion until the middle of 2022.
Yesterday’s U.S. September CPI report showed persistent inflation pressures, implying additional pressure for the Fed to move sooner to normalize its ultra-loose monetary policy.