EUR/USD picks up some momentum after the Fed Minutes

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The EUR/USD it has bounced more than 25 pips higher after the release of the FOMC Minutes for the May 3-4 meeting. The pair has risen to around 1.0690, although it remains bearish on the day. The cross is now trading above 1.0676, losing 0.56% daily.

The Fed Minutes showed that all the members of the Monetary Policy Committee were in favor of the 50 basis point increase, as well as the plans to reduce the size of the balance sheet. The focus, however, was on comments on inflation, as Fed participants stressed that they are “very vigilant” to inflation risks and agree that such risks are being biased to the upside.

The DXY index has fallen to 102.05, still far from its daily low at 101.72. US indices, meanwhile, posted gains with the Dow Jones up 0.31%, the Nasdaq 100 gaining 1.10% and the S&P500 advancing 0.55%. US 10-year bond yields are at 2.75%, down 0.15% on the day.

As traders digest the FOMC statement, the focus will shift tomorrow, Thursday, to preliminary first-quarter GDP in the US The country will also publish weekly jobless claims and pending home sales for April.

EUR/USD Levels

The initial resistance in case of advances waits in 1.0748, ceiling of May 24 and of the last four weeks. higher up wait 1.0815maximum of April 25, and 1.0936highest level on April 21.

To the downside, first support is at today’s daily low, 1.0642. lower than 1.0600 wait 1.0532floor of May 20.

Source: Fx Street

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