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Marginal Uplift For USD Index On FOMC Minutes

FOREX
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  • The BBDXY index has already retraced half of the minor gains seen on the back of the FOMC minutes on mention that “various” participants were open to tightening policy further in a conditional setting.
  • It remained within the day’s range throughout the initial lift, and is currently +0.16% on the day.
  • EURUSD is currently just 5 pips lower on the release, at 1.0834 holding above the earlier low of 1.0822 that marked another move closer to support at 1.0817 (former channel top drawn from the Dec 28 high) after which lies the key 1.0787 (50-day EMA).

Former channel top support holds above a key 50-day EMASource: Bloomberg

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  • The BBDXY index has already retraced half of the minor gains seen on the back of the FOMC minutes on mention that “various” participants were open to tightening policy further in a conditional setting.
  • It remained within the day’s range throughout the initial lift, and is currently +0.16% on the day.
  • EURUSD is currently just 5 pips lower on the release, at 1.0834 holding above the earlier low of 1.0822 that marked another move closer to support at 1.0817 (former channel top drawn from the Dec 28 high) after which lies the key 1.0787 (50-day EMA).

Former channel top support holds above a key 50-day EMASource: Bloomberg