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FOMC Minutes Pose Risk as USD Breakdown Looms: GBP/USD, USD/JPY

FOMC Minutes Pose Risk as USD Breakdown Looms: GBP/USD, USD/JPY

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD and GBPUSD could be on the verge of breaking higher.

- USDJPY holding January range lows.

- Forex economic calendar dotted with Fed events on Wednesday.

To keep up with developments central banks and their policy changes, be sure to sign up for my distribution list.

At the March FOMC meeting, QE3 was tapered by $10B to a pace of $55B/month - still an impressive rate of monetary easing. A brief US Dollar rally ensued. Will the March meeting minutes yield a similar reaction? A bullish accelerant is much needed by the US Dollar right now - a hawkish Federal Reserve will do the trick.

Optimism on the US economy has been fading ever since the slightly disappointing March US Nonfarm Payrolls report, and the US Dollar has fallen to its lowest levels since late-October as a result. Today's event risk comes at a crucial moment for the US Dollar technically against many of its major counterparts - watch the above video for more detail.

Read more: AUD/USD and GBP/USD Break Higher as Post-NFP Dollar Turmoil Continues

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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