EUR/USD
With little macro or data to guide the pair, the EUR/USD has trended steadily upward, led in part by EUR positive inflows via the EUR/GBP cross as the dovish BoE minutes weighed on GBP. A weaker USD also benefitted the pair through the session, leading the EUR/USD to print highs at 1.3577 just after the North American open. Looking ahead the FOMC Rate Decision later today, and Initial Jobless Claims tomorrow, look to offer some USD led price action for the pair over the coming days.
GBP/USD
The BoE minutes were the focal point for the pair, which revealed that the MPC voted 9-0 to keep rates unchanged and also refrained from revising down slack estimate, which in turn was perceived to be more dovish following the hawkish comments by Carney last week. The minutes also noted that the low probability markets puts on 2014 rate hike is surprising. Following an initial bout of volatility in which the pair broke the 1.7000 handle, printing session highs in the process at 1.7003. GBP then lost ground vs. EUR and the USD, as the dovish nature of the minutes was disseminated by participants. The pair passed the second half of the session moving sideways as participants prepare for the FOMC Rate decision later today which looks to offer further opportunities for the pair.
USD/JPY
The pair failed to sustain its early initial strength as positioning ahead of key risk events, namely BoE minutes and FOMC Rate Decision, led the USD weaker, leading the pair to print session lows at 102.070 moving into the European close. Looking forward the pair has little in the way of Japanese data to offer direction, however the slew of US data and risk events should offer move adventurous price action.