Most markets watchers would be acutely aware of the fact that the FOMC has recently made a pivot to a more dovish stance.

The move was cheered by markets when Fed boss Powell recently came out and suggested they would be slowing down the current speed of interest rate hikes.

Now, most of that information is well and truly baked into the markets, so there might not be too much more to glean from today’s release of the FOMC Minutes. There will be some interest on what exactly is going to happen with the remaining $4 billion worth of bonds still stuck on the Fed’s balance sheet.

At the same time, we might also get some more insight into the current state of inflation and their expectations. As at the end of the day, the main role of the Fed is, in fact, to keep inflation under control. A point that seems to be forgotten about in an era of QE and monetary policy intervention.

Forex Signal Update

The FX Leaders Team finished with the two winnings trades from five signals in what was a mixed session

EUR/USD – Active Signal

The EUR/USD has pulled back a touch after a strong test of the 1.1300 level. The price action has been bearish, despite the 1.1300 level holding, so there might well be a further leg to the downside here ahead of the ECB minutes and CPI on Friday.

EUR/CHF- Active Signal

The EUR/CHF is still holding steady around yesterday’s level, with no clear break in either direction as yet. We will wait and see.

Cryptocurrency Update

Bitcoin has had a test of the $4,000 level after finally cracking through a fair bit of selling pressure below.

While price hasn’t held above just yet, the real tell in the price action might just be how it reacts underneath.

If we can see coiling under $4,000 and price unable to drop, then that is quite bullish price action. It is a very interesting stage here for Bitcoin.