EUR / USD bounces modestly after FOMC Minutes, trading above 1.1800

  • EUR / USD touched its lowest level since early April below 1.1800 on Wednesday.
  • The FOMC Minutes showed that policymakers remain cautious about the economic outlook.
  • The US dollar index erased much of its daily gains.

The pair EUR/USD It fell to its lowest level in three months at 1.1782 on Wednesday, but managed to rebound in the closing hours of the US session. At time of writing, the pair is trading at 1.1810, down 0.1% on the day.

DXY declines from multi-month highs

The market valuation of the USD remains the main driver of the movements of the EUR / USD. Earlier in the day, the US Dollar Index reached its highest level since early April at 92.84 and caused the EUR / USD to extend its daily slide.

However, the Minutes from the June FOMC meeting showed that some policy makers emphasized that the Fed should be patient when announcing changes to its asset purchases amid the uncertainty surrounding the economic recovery.

“For several participants, this greater uncertainty regarding the evolution of the economy also implied significant uncertainty about the proper path of the federal funds rate,” the statement read.

Following this release, the USD started to lose steam and helped the EUR / USD pull back on its daily decline. Currently, the US Dollar Index is holding on to small daily gains near 92.60.

Technical levels

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