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ECB, Fed Minutes in Focus as Traders Look for Policy Clues

ECB, Fed Minutes in Focus as Traders Look for Policy Clues

Christopher Vecchio, CFA,

Talking Points:

- GBPUSD backs off daily highs after BoE policy decision.

- Commodity FX bloc benefiting from policy speculation again.

- See the October forex seasonality report that favors US Dollar weakness.

With the Bank of England shifting its inflation forecast today, the Federal Reserve keeping rates on hold in September, and the European Central Bank downgrading its growth and inflation forecasts in September, there is a strong wave of support for the belief that the current ZIRP environment will persist well into 2016 and beyond. Speculation over central bank policy staying looser for longer is helping the commodity currency bloc again.

See the above video for a fundamental overview of the USD-complex, plus technical considerations in EURUSD, GBPUSD, AUDUSD, USDJPY, and the USDOLLAR Index.

Read more: Soft Data, Weak Seasonality Trends Undermining USD

--- Written by Christopher Vecchio, Currency Strategist

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