Dollar moves a higher as FOMC minutes trickle out

Technical Analysis

Author: Greg Michalowski | dollar

Comes off extremes though

It is easier to grab onto a headline when they all come out. With Washington closed due to winter storm, the Fed released the minutes without the press seeiing it ahead and therefore able to put together headlines at the same time.  With no sequestering of the press ahead of the release, the headlines are coming out a lot slower.  That may be slowing the market as well.

For the USDJPY, the price has moved back higher. The price moved from 110.64 up tot  a high of 110.80. We are currently trading at that level. The high for the day reached 110.94 in the early London session. The high in the NY session reached 110.874.

For the EURUSD, the price moved from 1.1366 to a low of 1.1338. That took the price back below the 1.1357-599 area. That area was the home to a swing high going back to Feb 7 and earlier highs today and yesterday (at 1.1357). The pair is making new lows as I type. 

USDJPY moves higher.
In other markets:
  • S&P is up 2.2 points. The Nasdaqis down -7.5 points   Major indices are a little lower
  • US yields are a bit higher with the  2 year up 1.5 bps. The 10 year is up 1 bp from just before the minutes release

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