The slowdown in global growth, increasing volatility and instability of the financial markets and the uncertainty surrounding the British decision to leave the European Union no longer seem to affect the FED's decisions.
The Federal Reserve released its minutes today and confirmed what many had suspected. The delay in tightening monetary policy was close but weakness in the global economy tipped the balance on the side of caution.
The Australian dollar was also in upbeat mood. Yesterday’s meeting of the Reserve Bank kept interest rates on hold at 2 percent (as widely expected) for the sixth month. The weakness in US fundamentals gave traders an excuse to buy the beaten down Aussie again.