The FED is dominating forex action today, with traders eagerly awaiting this afternoon’s FOMC Minutes. Thus far, the Greenback has been a big loser as shown by the plunge in March USD Index futures. Intraday trade has taken rates beneath 95.000 for the first time since November 7.
“Dovish” is quickly becoming this session’s buzz word as the FED has toned down last September’s aggressive stance toward the USD. The minutes from the December meeting are likely to paint a picture of a more accommodative FED, depending upon current market fundamentals to craft policy moving forward.
March USD Index Futures: Technical Outlook
Perhaps the biggest psychological level on the board for the March USD Index is 95.000. It appears that this market is going to enter a new phase in 2019 and 95.000 is going to be either the intermediate-term low or high.
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Overview: Today’s FOMC Minutes are going to be the primary catalyst for action in the March USD Index. It is truly difficult to determine which direction this market will move on the release. However, there is a very real chance that the expected dovish tone has already been priced into the Greenback. If that is the case, be on the lookout for a bullish bump north and daily close above 95.000.
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