{"id":116971,"date":"2017-11-22T07:49:13","date_gmt":"2017-11-22T12:49:13","guid":{"rendered":"http:\/\/countingpips.com\/?p=116971"},"modified":"2018-06-01T15:49:08","modified_gmt":"2018-06-01T15:49:08","slug":"eur-usd-fomc-minutes-without-strong-impact","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/eur-usd-fomc-minutes-without-strong-impact\/","title":{"rendered":"EUR\/USD: FOMC minutes without strong impact?"},"content":{"rendered":"<div id=\"inves-1241797819\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 22, 2017<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p><b>By <a href=\"https:\/\/growthaces.com\" target=\"_blank\" rel=\"noopener\">GrowthAces.com<\/a><\/b><\/p>\n<p><strong><em>Macroeconomic overview:<\/em><\/strong><\/p>\n<ul>\n<li><strong>Federal Reserve Chair Janet Yellen stuck by her prediction that U.S. inflation will soon rebound but offered on Tuesday an unusually strong caveat: she is &#8220;very uncertain&#8221; about this and is open to the possibility that prices could remain low for years to come.<\/strong><\/li>\n<li>Yellen said the Fed is nonetheless reasonably close to its goals and should continue to gradually raise interest rates to keep both inflation and unemployment from drifting too low.<\/li>\n<li>Inflation should rebound over the next year or two, she said, adding: &#8220;I will say I am very uncertain about this. My colleagues and I are not certain that it is transitory, and we are monitoring inflation very closely.&#8221;<\/li>\n<li>A key lesson of her four-year tenure atop the Fed was to keep an open mind and not assume &#8220;you have a monopoly on truth,&#8221; Yellen said. &#8220;It may be that there is something more endemic going on or long-lasting here that we need to pay attention to.&#8221;<\/li>\n<li>The Fed&#8217;s top policymakers have repeated their belief that inflation would rebound even while their preferred price measure has slipped to 1.3%, below a 2% target. Unemployment has fallen to 4.1% while overall economic growth is running strong at 3%, prompting high expectations for a rate hike next month despite the price weakness.<\/li>\n<li>Yellen noted that while undershooting the inflation target for too long &#8220;can be quite dangerous,&#8221; the Fed must also avoid driving unemployment &#8220;way below&#8221; sustainable levels. &#8220;We do not want a boom-bust policy,&#8221; she said.<\/li>\n<li>U.S. President Donald Trump earlier this month nominated Jerome Powell, a Fed governor, to become Fed chair in February &#8211; a decision that broke with tradition of chairs serving at least two terms. On Monday Yellen said she would resign her seat on the Fed&#8217;s Board of Governors once Powell is confirmed and sworn in.<\/li>\n<li><strong>The euro edged higher for a second consecutive day on Wednesday, recouping more than half of its losses sustained after the German coalition collapse<\/strong>\u00a0as investors bought the single currency on expectations of strong economic growth.<\/li>\n<li><strong>In the Eurozone, the data calendar is very light, offering no meaningful direction for yields. In the US, investor attention will be focused on the FOMC minutes today.<\/strong>\u00a0Concerns of some FOMC members over the inflation path should not jeopardize the December rate hike, which is currently almost fully priced in. Given what is priced-in by the rates market, our baseline case is that the release of the FOMC minutes will not impact meaningfully the FX market.<\/li>\n<\/ul>\n<p><strong><em>Technical analysis and trading signals:<\/em><\/strong><\/p>\n<ul>\n<li>The EUR\/USD is rising and has broken back inside the daily cloud. The 55-dma is the next port of call for EUR\/USD bulls. The next target would be daily cloud top at 1.1877.<\/li>\n<li><strong>Tuesday\u2019s price action formed a doji on the candles and now we are looking for confirmation with a higher high and close today.<\/strong><\/li>\n<li>Buying on dips seems to be a good trading idea.\u00a0<strong>We stay long for 1.1960.<\/strong><\/li>\n<\/ul>\n<p><strong><img decoding=\"async\" title=\"\" src=\"https:\/\/growthaces.com\/sites\/default\/files\/eurusd_22112017.png\" alt=\"EURUSD Daily Forex Signals Chart\" \/><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>USD\/CAD: Loonie recovers on higher oil prices<\/strong><\/p>\n<p><strong><em>Macroeconomic overview:<\/em><\/strong><\/p>\n<ul>\n<li>The Canadian dollar is strengthening against the USD, with the currency recovering from an earlier three-week low as oil prices climbed and investors weighed prospects for the North American Free Trade Agreement.<\/li>\n<li><strong>Prices of oil, one of Canada&#8217;s major exports, rose as traders looked ahead to a meeting next week at which major crude exporters are expected to extend production cuts<\/strong>.<\/li>\n<li>However, persistently\u00a0<strong>high oil production in the United States will be the predominant bearish factor limiting gains in oil prices.<\/strong><\/li>\n<li>There are also some\u00a0<strong>doubts about the willingness of some participants including Russia to keep restricting production.\u00a0<\/strong>Russian news agency TASS reported that the country&#8217;s oil producers had met with the energy ministry to discuss a six-month extension, as opposed to the nine months originally floated by President Vladimir Putin.<\/li>\n<li>The loonie gained ground on Tuesday despite weaker-than-expected domestic data. Canadian wholesale trade fell by 1.2% in September from August. The market had forecast a 0.3% increase.<\/li>\n<\/ul>\n<p><strong><em>Technical analysis and trading signals:<\/em><\/strong><\/p><div id=\"inves-1932373435\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<ul>\n<li><strong>The USD\/CAD is testing key support levels of 7- and 14-day exponential moving averages. A close below that levels would be a first step to stronger downward move<\/strong>. Another support level is 23.6% fibo of September-October rise at 1.2714. The USD\/CAD failed to permanently break below that level two weeks ago.<\/li>\n<li>We stay short for 1.2550.<\/li>\n<\/ul>\n<p><strong><img loading=\"lazy\" decoding=\"async\" title=\"\" src=\"https:\/\/growthaces.com\/sites\/default\/files\/usdcad_22112017.png\" alt=\"USDCAD Daily Forex Signals Chart\" width=\"774\" height=\"487\" \/><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><strong>TRADING STRATEGIES SUMMARY:<\/strong><\/p>\n<p>FOREX &#8211; MAJOR PAIRS:<\/p>\n<p><img decoding=\"async\" title=\"\" src=\"https:\/\/growthaces.com\/sites\/default\/files\/tps_major_22112017fx.png\" alt=\"Please enable images to upload to view this email properly\" \/><\/p>\n<p>FOREX &#8211; MAJOR CROSSES:<\/p>\n<p><img decoding=\"async\" title=\"\" src=\"https:\/\/growthaces.com\/sites\/default\/files\/tps_crosses_22112017fx.png\" alt=\"Please enable images to upload to view this email properly\" \/><\/p>\n<p>PRECIOUS METALS:<\/p>\n<p><img decoding=\"async\" title=\"\" src=\"https:\/\/growthaces.com\/sites\/default\/files\/tps_precious_22112017fx.png\" alt=\"Please enable images to upload to view this email properly\" \/><\/p>\n<p>How to read these tables?<\/p>\n<p><strong>1.<\/strong>\u00a0<strong>Support\/Resistance<\/strong>\u00a0&#8211; three closest important support\/resistance levels<br \/>\n<strong>2. Position\/Trading Idea:<\/strong><br \/>\nBUY\/SELL &#8211; It means we are looking to open LONG\/SHORT position at the Entry Price. If the order is filled we will set the suggested Target and Stop-loss level.<br \/>\nLONG\/SHORT &#8211; It means we have already taken this position at the Entry Price and expect the rate to go up\/down to the Target level.<br \/>\n<strong>3. Stop-Loss\/Profit Locked In<\/strong>\u00a0&#8211; Sometimes we move the stop-loss level above (in case of LONG) or below (in case of SHORT) the Entry price. This means that we have locked in profit on this position.<br \/>\n<strong>4. Risk Factor\u00a0<\/strong>&#8211; green &#8220;*&#8221; means high level of confidence (low level of uncertainty), grey &#8220;**&#8221; means medium level of confidence, red &#8220;***&#8221; means low level of confidence (high level of uncertainty)<br \/>\n<strong>5. Position Size\u00a0<\/strong><strong>(forex)<\/strong>&#8211; position size suggested for a USD 10,000 trading account in mini lots. You can calculate your position size as follows: (your account size in USD \/ USD 10,000) * (our position size). You should always round the result down. For example, if the result was 2.671, your position size should be 2 mini lots. This would be a great tool for your risk management!<br \/>\n<strong>Position size (precious metals)<\/strong>\u00a0&#8211; position size suggested for a USD 10,000 trading account in units. You can calculate your position size as follows: (your account size in USD \/ USD 10,000) * (our position size).<br \/>\n<strong>6. Profit\/Loss on recently closed position<\/strong>\u00a0<strong>(forex)\u00a0<\/strong>&#8211; is the amount of pips we have earned\/lost on recently closed position. The amount in USD is calculated on the assumption of suggested position size for USD 10,000 trading account.<br \/>\n<strong>Profit\/Loss on recently closed position (precious metals)<\/strong>\u00a0&#8211; is profit\/loss we have earned\/lost per unit on recently closed position. The amount in USD is calculated on the assumption of suggested position size for USD 10,000 trading account.<\/p>\n<p>&nbsp;<\/p>\n<p>VIP Traders Club members should expect to receive forex and precious metals trading signals updates at least twice a day. We will send you:<\/p>\n<ol>\n<li>Buy and sell forex, precious metals signals (entry level, target, stop-loss)<\/li>\n<li>Suggested position size that you can easily adjust to your trading account size &#8211; this would help you in risk management and you will survive longer drawdown periods<\/li>\n<li>Early heads-up about the potential trading opportunities or rationale to taken positions ( fundamental analysis, technical analysis )<\/li>\n<li>Forecasts of most important macroeconomic indicators prepared by our economists and econometricians.<\/li>\n<\/ol>\n<p><a href=\"https:\/\/growthaces.com\/articles\/order-subscription\" target=\"_blank\" rel=\"nofollow noopener\"><strong>JOIN VIP TRADERS CLUB &#8211; BLACK FRIDAY OFFER &#8211; 50% OFF FOR ALL SUBSCRIPTION PLANS!<\/strong><\/a><\/p>\n<p><b>About the Author:<\/b><\/p>\n<p>By GrowthAces.com &#8211; <a href=\"https:\/\/growthaces.com\" target=\"_blank\" rel=\"noopener\">Daily Forex Trading Strategies<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By GrowthAces.com Macroeconomic overview: Federal Reserve Chair Janet Yellen stuck by her prediction that U.S. inflation will soon rebound but offered on Tuesday an unusually strong caveat: she is &#8220;very uncertain&#8221; about this and is open to the possibility that prices could remain low for years to come. Yellen said the Fed is nonetheless reasonably [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-116971","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116971","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=116971"}],"version-history":[{"count":1,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116971\/revisions"}],"predecessor-version":[{"id":116972,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/116971\/revisions\/116972"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=116971"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=116971"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=116971"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}