Following yesterday’s FOMC meeting, Gold price skyrockets to $1393.72 per ounce, a level that has not been seen since 2014.
The USD index rose ahead of FOMC minutes, an important day for the market. Later today, investors will receive the minutes from the Federal Reserve.
The US Dollar came under selling pressure after FOMC Meeting’s Minutes showed that policymakers confirmed the ‘the patient’ stance recently adopted. Following is the EURUSD outlook after FOMC meeting's minutes.
Ahead of the FOMC minutes, the greenback, tracked by the US Dollar Index (DXY), is struggling for direction on Wednesday although it manages to keep the trade around the key 97.00 mark.
The weekly Forex fundamental expectations is dominated by the FOMC minute, which will be held this week, any dovish Statement or patience from FED would weaken the USD.
Perceived by markets as a disappointment, the FOMC minutes details of the last meeting signaled that the Central bank is reluctant to raise rates for the first time in nine years
The Fed plans to unwind $4.5 trillion of bonds on its balance sheet. Will the balance sheet shrinkage lead to higher US rates sooner than expected?