Fed Minutes in focus

November 20, 2019

Attention returns to the US as minutes from the latest Fed meeting are released.

The EURUSD remained largely flat overnight after opening at $1.10710. The pair slid to lows of $1.10619 early in the day before climbing slowly throughout the day, culminating in a high of $1.10833 late in the session. It has come off those highs and is now trading at $1.10772. The GBPUSD gave up some of its recent gains, ending the day lower. The pair began the day at $1.29523 and slowly lifted to a high of $1.29693 mid-session. The pound declined from that point, hitting lows of $1.29093 late in the day before rebounding slightly to its current level of $1.29245.

The Dow took a break from the recent gains made, ending the day lower. The index opened the session at 28,038.50 and marched its way up to a peak of 28,158.15 midway through the day. The Dow tumbled from those highs over late-session trading, hitting a low of 27,889.79 before closing at 27,913.00. The Dax opened and closed flat but looked set for a strong showing halfway through the day. The German index opened at 13,200.02 and dipped to a low of 13,175.24 during the opening hour of the day. The Dax rallied off those lows, peaking at 13,376.91 mid-session. However, as the Dow dropped, the Dax followed suit. It gave up just about all of its gains and closed at 13,203.19.

All eyes will be focussing on the publication of the minutes from the latest Fed Reserve meeting. This will give markets a more in-depth insight into the thinking of policy makers and the outlook for the US economy.

Other data published today includes:

Japan – Trade Balance

Australia – MI Leading Index

US – Crude Oil Inventories

Europe – German PPI, ECB Financial Stability Review

Canada – CPI, Core, Median, Trimmed and Common CPIs


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