U.S. Dollar Negatively Reacted On FOMC Meeting Minutes
April 10, 2014 8:20 amVideo
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April 10, 2014 – Forex News
Hot asset for today: GBP/USD
The EUR/USD pair jumped up yesterday immediately once the FOMC Meeting Minutes came out. We can see in the report that Fed is concern about lower inflation data and possible increase in interest rates may be postponed through 2015. The pair climbed to 1.3870 where reversed. Today we should pay attention to ECB Monthly Bulletin which will be posted at 8.00AM (GMT). Any hint about possible rise in monetary stimulus would cause the pair to move back down. Also at 6.00PM (GMT) the Federal Budget Balance will come out. The trend is now reversing and is slightly bearish. That might signalize some speculation over dovish ECB report. The support is lying at 1.3780 and resistance at 1.3880.
The GBP/USD pair rose in past 3 trading days by 250 pips and reached the highest value since February 16th. If the price had continued just about 20 pips up, the price would be the highest since November 2009. The price was pulled up by FOMC statement which was released yesterday evening (GMT) and compare to Janet Yellen press conference, the report was dovish. Today we might be witnesses of another increase connected with Bank of England official rate release. If we look to the past we can see that even though BoE did not make any changes the report was always bullish for pound. The trend is now slightly bearish but can change once the official rate will come out. The support is lying at 1.6750 and resistance at 1.6820.
Yesterday the USD/JPY pair started to corrected its previous movement down (from April 6th the price dropped by more than 250 pips) and slightly increased. However, once the FOMC Meeting minutes came out the sentiment turned and the pair fell back below 101.70. Today traders should keep an eye on Japanese Monetary Policy Meeting Minutes at 11.50PM (GMT). Most of the analysts expect that Bank of Japan will add monetary stimulus by June/July which would lead to weaker Yen. That’s why we suggest not to place long-term selling position on the pair. The trend is now slightly bearish with support at 101.50 and resistance at 102.20.
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