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USD Price Action Post-FOMC Minutes

USD Price Action Post-FOMC Minutes

James Stanley, Senior Strategist

Talking Points:

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- In this webinar, we used price action to look at USD markets after the release of FOMC minutes from the bank’s July meeting.

- Despite yesterday’s meeting minutes taking a somewhat-hawkish tone, the US Dollar has continued to sell-off, highlighting the fact that markets aren’t expecting rate hikes anytime soon from the Federal Reserve despite their repeated claims to the contrary. This is similar to what happened in April/May, when the Fed said that they felt markets were underpricing the probability of a hike in the next month, but this time there was no reaction of USD strength as markets faded the possibility of a September rate hike.

- With next week presenting a top-heavy week of data (all high-impact announcements are on Thursday/Friday) with the Jackson Hole Summit on August 25-27, traders need to be prepared for the prospect of reversals after what could be a quiet start to the week. That early portion of the week presenting little data can be helpful for risk trends, in identifying sustainability of continued USD-weakness, or whether a near-term reversal setup may be more in-order.

--- Written by James Stanley, Analyst for DailyFX.com

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Contact and follow James on Twitter: @JStanleyFX

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