The U.S. dollar was trading flat on Wednesday. Economic data was most limited. The Fed released its monthly meeting minutes. The minutes showed that officials were concerned about the impact of trade tariffson the U.S. economy. However, officials maintained that the U.S. economy was strong.
Ahead of the Fed minutes, the U.S. existing home sales report showed a decline for the fourth consecutive month. Official data showed that existing home sales fell 0.7% in July on a month over month basis. This brought the existing home sales to decline by 1.5% on the year.
Looking ahead, the economic calendar today is somewhat busy. The European trading session will see the release of the flash manufacturing and services PMI data for August. The median forecasts estimate a modest pick-up in activity from the previous quarter.
Later in the day, the ECB will be releasing its monetary policy meeting minutes.
The NY trading session will see the flash manufacturing and services PMI data from IHS Markit. This is followed by the U.S. consumer confidence report and the new home sales data.
