8 Oct 2014
Session Recap: USD inches up ahead of FOMC minutes
FXStreet (Córdoba) - US dollar trades from little changed to slightly higher versus major competitors Wednesday, as investors gear up for the release of FOMC latest meeting’s minutes.
EUR/USD is trading around 1.2650 after reaching a weekly peak of 1.2683 earlier on the day. GBP/USD trades a tad lower at the 1.6065 zone, while USD/JPY managed to regain the 108.00 level and hovers around 108.30 at time of writing. AUD/USD consolidates below 0.8800 after hitting a low of 0.8750 during the Asian session.
“Corrective forces continue to grip the foreign exchange market. Many expect the dollar's downside correction/consolidation to end today”, said the BBH analyst team. “Technically-inspired short-term participants often see 3-4 day counter-trend moves to be typical of market moves. Fundamentally-inspired traders expect the FOMC minutes, which will be released in the North American afternoon, to be read by the market participants with a hawkish bias”.
Market focus remains on FOMC minutes due at 18:00 GMT today, in the search for signs of the Fed future policy steps.
Main Headlines in Europe:
Switzerland: Unemployment Rate (Sep) at 3.2%
FOMC minutes in the limelight today – Danske Bank
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
Brent Crude hovers near two-year lows
Stocks fall from Asia to Europe
ECB's Constancio gives more details on ABS/covered bonds purchase plan
Copper rebound capped by growth concerns
Gold faces resistance on hourly chart
EUR/USD is trading around 1.2650 after reaching a weekly peak of 1.2683 earlier on the day. GBP/USD trades a tad lower at the 1.6065 zone, while USD/JPY managed to regain the 108.00 level and hovers around 108.30 at time of writing. AUD/USD consolidates below 0.8800 after hitting a low of 0.8750 during the Asian session.
“Corrective forces continue to grip the foreign exchange market. Many expect the dollar's downside correction/consolidation to end today”, said the BBH analyst team. “Technically-inspired short-term participants often see 3-4 day counter-trend moves to be typical of market moves. Fundamentally-inspired traders expect the FOMC minutes, which will be released in the North American afternoon, to be read by the market participants with a hawkish bias”.
Market focus remains on FOMC minutes due at 18:00 GMT today, in the search for signs of the Fed future policy steps.
Main Headlines in Europe:
Switzerland: Unemployment Rate (Sep) at 3.2%
FOMC minutes in the limelight today – Danske Bank
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
Brent Crude hovers near two-year lows
Stocks fall from Asia to Europe
ECB's Constancio gives more details on ABS/covered bonds purchase plan
Copper rebound capped by growth concerns
Gold faces resistance on hourly chart