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Euro slightly higher in an uneventful session

Wednesday, Aug 17 2016

There were no major economic reports out of the Euro Zone or the U.S. on Wednesday so all eyes will be on the Fed minutes. On Tuesday, the EUR/USD rallied sharply higher in reaction to comments from San Francisco Fed chief John Williams who suggested the Fed may have to raise its inflation targets, which would put a rate hike in 2016 in serious doubt.

However, Williams’ dovish comments were offset by hawkish comments from a pair of Fed members, Atlanta President Dennis Lockhart and New York Fed chief William Dudley. Lockhart said two hikes in 2016 was a possibility while Dudley warned the bank was edging closer to a rate hike and could possibly raise rates as soon as September.

“I would not rule out September. If the meeting were today, I think the economic data would justify a serious discussion” of whether to raise rates now, Lockhart told reporters after a speech in Knoxville, Tennessee on Tuesday.

Euro is currently being traded around 1.1270 level. Pair is likely to find support around 1.12 handle and resistance above 1.13 area.

Last modified on Thursday, 18 August 2016
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