{"id":153928,"date":"2019-08-21T09:00:28","date_gmt":"2019-08-21T13:00:28","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=153928"},"modified":"2019-08-21T08:36:06","modified_gmt":"2019-08-21T12:36:06","slug":"market-quiet-ahead-of-fomc-minutes","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/08\/market-quiet-ahead-of-fomc-minutes\/","title":{"rendered":"Market Quiet Ahead Of FOMC Minutes"},"content":{"rendered":"
August 21, 2019<\/div>
\r\n<\/div><\/div>

By <\/strong>Orbex<\/strong><\/a><\/p>\n

FOMC Meeting Minutes Next<\/strong><\/h2>\n

The US dollar has been lightly sold over the European session so far today. Following on from losses seen yesterday, the USD index had posted a mild recovery overnight. Today, however, it has since come back under selling pressure.\u00a0Markets are\u00a0awaiting the FOMC meeting minutes<\/a>\u00a0tonight. While the Fed cut rates last time around, Powell downplayed the prospect of further easing. It will be interesting to see how much discussion there actually was.\u00a0<\/strong>USD index trades 98.11 last.<\/p>\n

EUR Still Capped by 1.1112<\/strong><\/h2>\n

EURUSD has been relatively muted today, despite the weakness in USD.<\/strong>\u00a0Price is still capped by the 1.1112 level for now following a break below the level last week. To the downside, the next key level to watch is the 1.1025 zone.\u00a0Flows are expected to remain quiet with no key eurozone data today.<\/strong><\/p>\n

Brexit Drama Weighs on GBP<\/strong><\/h2>\n

GBPUSD is trading in the red today so far also.\u00a0Ongoing Brexit uncertainty has seen GBPUSD glued to the bottom of its bearish channel over recent weeks<\/strong>.\u00a0The prospect of a no-deal Brexit<\/a>\u00a0is becoming more of a reality with each passing day, putting the risk of a break below 1.20 into sharper focus.<\/p>\n

SPX500 Trades Higher<\/strong><\/h2>\n

Risk assets have had a better day today with the SPX500 trading higher over the European morning.\u00a0Traders remain optimistic regarding the ongoing US\/China trade negotiations, despite the various risks attached to the situation.<\/strong>\u00a0SPX500 trades 2917.18 last having recovered most of yesterday\u2019s losses at this point.<\/p>\n

Safe Havens Down on Risk Recovery<\/strong><\/h2>\n

Safe havens have seen a little selling today in light of the recovery in risk appetite.\u00a0Both gold and JPY have been\u00a0lower, despite a weaker USD.<\/strong>\u00a0XAUUSD trades 1500.66 for now, still sitting off recent highs posted just above the 1522.75 level, which capped the recent rally. USDJPY is a little higher today, at 106.43 last. However, for now, remains trapped in a block of consolidation below the 106.77 level which remains the key topside level to watch.<\/p>

\r\n
\r\n

Free Reports:<\/p><\/div>\r\n

\r\n

<\/a>\r\n\t 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>

\r\n
\r\n
\r\n

<\/a>\r\n\t 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>

\r\n<\/div>\r\n

\r\n
<\/div>\n

Crude Breaking Trend Line<\/strong><\/h2>\n

Oil prices have been higher again today as the general improvement in risk appetite has been accompanied by better industry reporting.\u00a0The API report yesterday showed an unexpected drawdown in US crude stores. The market now waits for the headline EIA report,<\/strong>\u00a0released later today, to confirm the movement. Crude trades 56.57 last with price now trading above the bearish trend line from July highs.<\/p>\n

Commodity Currencies Recover<\/strong><\/h2>\n

USDCAD has been a little softer today in light of the recovery in risk appetite and higher oil prices, which have both helped CAD.<\/strong>\u00a0The FOMC meeting minutes later today have the potential to weigh on USD further putting USDCAD at risk of a break back below the 1.3300 level.<\/p>\n

AUDUSD is in the green today also, though price action remains tightly congested in the current block which has formed around the .6758 level support.<\/strong>\u00a0The market is highly driven by developments in the US\/China trade story which poses heavy two-way risk.<\/p>\n

By <\/strong>Orbex<\/strong><\/a><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex FOMC Meeting Minutes Next The US dollar has been lightly sold over the European session so far today. Following on from losses seen yesterday, the USD index had posted a mild recovery overnight. Today, however, it has since come back under selling pressure.\u00a0Markets are\u00a0awaiting the FOMC meeting minutes\u00a0tonight. While the Fed cut rates […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-153928","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/153928","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=153928"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/153928\/revisions"}],"predecessor-version":[{"id":153930,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/153928\/revisions\/153930"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=153928"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=153928"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=153928"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}