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FOMC Minutes To Be Good Or Bad For The USD?

FOMC Minutes To Be Good Or Bad For The USD?

The dollar advanced on the back of hawkish comments from Federal Reserve President Eric Rosengren, who said that the U.S. may need more rate increases than the market is currently pricing in. The Fed’s see-sawing rhetoric leads to confusion about the future outlook, but traders should not become confused by the dithering. The Fed is still forecasting two rate increases in 2016 and it is merely a matter of time before the greenback will regain strength. Until then, markets will be torn between the Fed’s hawkish and dovish comments. However, we will concentrate on the technical picture and try to get the best of out of every market direction.

The Fed is scheduled to release the minutes from their last FOMC meeting today at 18:00 GMT. Looking back at the March meeting we saw the dollar weakening on the back of a dovish undertone, sending the euro and British pound sharply higher. Depending on the details of the FOMC minutes, the risk for the USD is tilted to the downside, but if the emphasis is placed on further tightening in 2016, the dollar trade will gain attraction.

Before the minutes are due for release, FOMC voting member Mester is scheduled to speak at 16:20 GMT.

Here are our daily signal alerts:

EUR/USD Long at 1.1390 SL 25 TP 20, 60 Short at 1.1320 SL 25 TP 30, 90

GBP/USD Long at 1.4175 SL 25 TP 30, 80 Short at 1.4140 SL 25 TP 30, 80

We wish you good trades and many pips!

Disclaimer: Any and all liability of the author is excluded.

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