EUR-crosses Edging Lower, USD-pairs Waiting on FOMC Minutes
- Greece sells €1.1375bn in 6-mo bills at 2.97%.
- See the April forex seasonality report.
Greece raised cash to cover its upcoming loan repayments, but EURUSD has only recovered modestly as traders await the March FOMC minutes. The minutes have the potential to be quite market moving today, as the March meeting produced a dovish policy statement alongside weaker economic projections for 2015. Similarly, the Fed's dot plot showed that the FOMC was essentially taking two rate hikes off the table this year, prompting the stretch of US Dollar weakness we've seen since mid-March.
See the above video for technical considerations in EURUSD, EURGBP, EURNZD, and the broader USDOLLAR Index.
--- Written by Christopher Vecchio, Currency Strategist
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