9 Jul 2014
Session Recap: USD quietly awaits FOMC minutes
FXStreet (Córdoba) - Majors continue to consolidate within familiar ranges as investors remain sidelined ahead of the FOMC minutes release, with little in the way of new developments in Europe.
While the EUR/USD trades nearly flat at 1.3610, the GBP/USD is a tad weaker at 1.7110 and the USD/JPY consolidates above 101.50.
Later Wednesday, European Central Bank President Mario Draghi will give a keynote speech in London almost 2 years after his "whatever it takes" speech, but the main focus will remain on the Federal Reserve minutes.
“The release of the latest FOMC minutes from their meeting on the 18th June will garner market attention today although are unlikely to provide much further insight into the outlook for Fed policy”, said the The Bank of Tokyo-Mitsubishi. “The minutes are even more backward looking than normal as the subsequent release of the weaker than expected Q1 GDP report and stronger than expected payrolls report for June may have materially impacted on the Fed’s outlook for the economy and policy”.
Elsewhere, European stocks bounced after 3 days of losses, while US futures remain flat. Crude was flat at $103.40/bbl and gold rose 0.6% to $1324 an ounce.
Main Headlines in Europe:
ECB's Coene believes euro isn't too strong
Focus will be on FOMC minutes – Danske Bank
United Kingdom Halifax House Prices (MoM) below forecasts (0.2%): Actual (-0.6%)
ECB's Coeure: Sound fiscal policies are essential for growing out of debt
ECB's Praet: June measures need time to take full effect
European stocks recover after 3 days of losses
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank
While the EUR/USD trades nearly flat at 1.3610, the GBP/USD is a tad weaker at 1.7110 and the USD/JPY consolidates above 101.50.
Later Wednesday, European Central Bank President Mario Draghi will give a keynote speech in London almost 2 years after his "whatever it takes" speech, but the main focus will remain on the Federal Reserve minutes.
“The release of the latest FOMC minutes from their meeting on the 18th June will garner market attention today although are unlikely to provide much further insight into the outlook for Fed policy”, said the The Bank of Tokyo-Mitsubishi. “The minutes are even more backward looking than normal as the subsequent release of the weaker than expected Q1 GDP report and stronger than expected payrolls report for June may have materially impacted on the Fed’s outlook for the economy and policy”.
Elsewhere, European stocks bounced after 3 days of losses, while US futures remain flat. Crude was flat at $103.40/bbl and gold rose 0.6% to $1324 an ounce.
Main Headlines in Europe:
ECB's Coene believes euro isn't too strong
Focus will be on FOMC minutes – Danske Bank
United Kingdom Halifax House Prices (MoM) below forecasts (0.2%): Actual (-0.6%)
ECB's Coeure: Sound fiscal policies are essential for growing out of debt
ECB's Praet: June measures need time to take full effect
European stocks recover after 3 days of losses
What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank