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EUR-crosses Edging Lower, USD-pairs Waiting on FOMC Minutes

EUR-crosses Edging Lower, USD-pairs Waiting on FOMC Minutes

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- Greece sells €1.1375bn in 6-mo bills at 2.97%.

- EURGBP, EURNZD edge lower; EURUSD awaits FOMC.

- 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.

Read more: Watch this Symmetrical Triangle in USDOLLAR for the Next Move

--- Written by Christopher Vecchio, Currency Strategist

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

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.

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