The FOMC Meeting Minutes failed to impress yesterday. While minutes were three weeks old, not taking into account China’s recent devaluation of the Yuan, there was no clear signal for a September liftoff. Rather, FOMC members were divided on the right time of a rate hike. With only one member voting for a September liftoff, market participants reduced the probability for such a step next month, sending the U.S. Dollar to lower levels as a result.
Within a quiet trading environment and with most market participants still on holiday, traders did not get any chance of huge profits. We will have to wait until September in order to trade larger market reactions.
While the euro has appreciated in value, the pound sterling bounced back from its 1.57-resistance.
Overview about current resistance and support-zones:
Today, there is some interesting economic data from U.K. and USA due for release, which could impact on the currencies:
8:30 UK Retail Sales
12:30 USA Continuing & Initial Jobless Claims
14:00 USA Existing Home Sales
14:00 USA Philly Fed Index
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