Euro stable, GBP may find bottom

Dear Traders,

The Fed minutes had no significant impact on the U.S. dollar and failed to trigger any major market reaction. While most Federal Reserve officials believe that rates will rise in 2015, the central bank registered concern over Chinese growth pace and Greece. Policy makers saw the U.S. economy moving toward conditions that would justify an interest rate increase, while minutes also signaled a potential risk from China and Greece.

The euro remained stable above $ 1.10. Investors are still optimistic that a deal for Greece could be within reach. This is the last chance for Greece and Prime Alexis Tsipras has until midnight Thursday to present European leaders with a detailed economic reform plan in exchange for a new bailout. Once the full package has been put on the table, Eurogroup leaders will decide on a bailout extension at their Emergency Summit on Sunday.

The British Pound traded sharply lower against the greenback, marking a current support at 1.5330. It will now be interesting if GBP makes it again above 1.5420. We see a small hurdle at 1.5415 and a next resistance zone at 1.5465 until 1.5485. Below 1.5350 sterling may head for a test of 1.53.

The Bank of England is scheduled to decide on monetary policy today at 11:00 GMT. However, since no changes are expected, the impact on the British Pound should be insignificant.

U.S. Continuing and Initial Jobless Claims are scheduled for release at 12:30 GMT.

Daily Forex signals:

View our daily signal alerts

Subscribe to our daily signal service

We wish you good trades and many pips!

Any and all liability of the author is excluded.

Copyright © All Rights Reserved 2015 Maimar-FX.