Markets happy after FOMC minutes

08/04/2021

Traders paid attention to the FOMC minutes released yesterday.

The minutes indicated that while Fed officials saw the US economy recovering quickly, there was much more progress needed before low interest rates and the pace of asset purchases are changed.

Nothing more was needed, and equities accelerated higher, with the bullish momentum continuing on Thursday as well. US benchmarks were half a percent higher during the London session.

The US dollar has been sliding this week, and the EURUSD pair is moving toward the 1.19 level, while the USDJPY fell notably below the important 110 threshold.

Later in the day, the Federal Reserve Chair Jerome Powell is due to participate in a panel discussion about the global economy at a virtual International Monetary Fund Seminar.

Moreover, the ECB monetary policy meeting accounts will be released and might influence the EURUSD pair. 

Additionally, oil seems to struggle above the 60 USD barrier. Therefore some consolidation around this important level could be on the way. 
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