x
Breaking News
0

Will FOMC Minutes Boost Or Break The Dollar?

By Boris SchlossbergForexOct 11, 2017 06:09AM ET
www.investing.com/analysis/will-fomc-minutes-boost-or-break-the-dollar-200218154
Will FOMC Minutes Boost Or Break The Dollar?
By Boris Schlossberg   |  Oct 11, 2017 06:09AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Market Drivers October 11, 2017

  • Euro hits session highs
  • Market looks to FOMC minutes
  • Nikkei 0.27% DAX 0.03%
  • Oil $51/bbl
  • Gold $1289/oz.

Europe and Asia
No Data

North America
USD: FOMC minutes 14:00

It been a very quiet night in the FX markets with almost no economic data on the docket to drive flow, but EUR/USD continued its recovery hitting session highs of 1.1840 as markets remain upbeat about the prospects of an ECB taper.

Cable, on the other hand, was decidedly weaker as it struggled to hold the 1.3200 figure. In an extraordinary interview yesterday Theresa May refused to confirm that she would vote for Brexit if a second vote was taken today essentially implying that the leader of the process does not support it.

Elsewhere, the Australian dollar was better bid as well, boosted by the best Westpac consumer confidence readings in more than a year. The pair traded to .7800 but stalled at the round figure and traded in a very narrow range for the rest of London trade.

Overall, FX remained at a standstill as traders awaited the FOMC minutes due later today. The market is anticipating a hawkish tone from the report, but if the minutes show a diversity of opinions rather than strong consensus, the dollar could see further weakness on the release of the minutes.

Although Chairwoman Yellen appears to be fully convinced that a rate hike in December is due, if she does not have the full support of the board, the chance of an actual rate hike could diminish significantly. Right now the markets are pricing a 78% probability that Fed hikes rates. However, today’s minutes could send those odds tumbling down and drag the buck with it. USD/JPY remains weak and is essentially in a sell the rally mode after failing to hold the 113.00 level after Friday’s NFPs. Any weakness in today’s FOMC minutes could send it towards the 111.50 support.

Will FOMC Minutes Boost Or Break The Dollar?
 

Related Articles

Will FOMC Minutes Boost Or Break The Dollar?

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
Write your thoughts here
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
 
 
 
Add Chart to Comment
Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email