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EUR/USD, GBP/USD Attempt Reversals, AUD/USD Loses Channel Pre-FOMC

EUR/USD, GBP/USD Attempt Reversals, AUD/USD Loses Channel Pre-FOMC

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- EURUSD, GBPUSD sitting near highs of day.

- AUDUSD falls back out of October range.

- See the 'high' importance events on the DailyFX Economic Calendar.

Today's FOMC Minutes are particularly important to traders because they will undoubtedly address the ending of QE3 on October 29, as well as the Fed's interpretation of recent geopolitical events (which sparked the swell in volatility in mid-October).

In recent weeks, Fed speakers have gradually become more hawkish, with a rate hike outlined for some time in mid-2015. Currently, markets are pricing in a Q4'15 rate hike; the Fed is evidently more optimistic on the state of the economy than traders are.

In particular today, we're interested in seeing if the Fed addresses recent US Dollar strength and its impact on falling inflation expectations; although if these concerns are dismissed due to falling energy prices, the greenback may have some wind left in its sails. The commodity currency complex is relatively weak today, at least compared to the European currencies - perhaps an indication of changing risk preferences in FX markets.

See the above video for technical considerations in EURUSD, GBPUSD, AUDUSD, and USDJPY ahead of today's FOMC minutes.

Read more: GBP/USD Symmetrical Triangle, EUR/GBP Channel Resistance in Play

--- Written by Christopher Vecchio, Currency Strategist

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Follow him on Twitter at @CVecchioFX

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