The U.S dollar traded lower against the Euro during the close of Wednesday’s trading session after the FOMC Meeting Minutes, which weakened the greenback on board.
The Federal Reserve’s debate on its interest rate guidance heated up last month, with several officials showing concern about misleading investors and pushing for a more data-dependent approach, according to minutes from its last policy meeting.
But as the Fed grapples with how to communicate its view on hiking rates, the minutes also show concern about the rising dollar, slowing inflation, and economic turmoil in Europe and Asia, factors that support the U.S. central bank’s current of keeping policy accommodation in place for the near future.
“The concern was raised that the reference to ‘considerable time’ in the current forward guidance could be misunderstood as a commitment rather than as data dependent,” said the minutes of the Fed’s Sept. 16-17 meeting, which were released on Wednesday.
Intraday bias remains on the upside as 21 and 55 EMA trend indicators are crossed upward in the 1 hour charts signalling a bullish reversal is about to unfold in the 4 hours charts. SSRC, Stochastic, RSI and MACD Oscillator indicators are showing bullish momentum is still intact, so am expecting further rise to 1.27800 psychological zones in the short term picture.
Later today investors would be waiting for ECB