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MARKET BRIEFING – LONDON OPEN 17.02.2016
The US, Federal Reserve Open Market Committee will today publish the much anticipated minutes of its last meeting.
These minutes are a detailed account of last Federal Reserve meeting. As such, this publication provides to market participants and financial media some colour on the backdrop of the meeting. These minutes allows traders to gain insights on how individual FOMC members are positioned with respect to interest rates as we approach the next Federal Reserve meeting that takes place in March.
We expect that this publication will portray rather balanced tone were the bias for tightening is limited by the current uncertainty that has gripped the market.
The minutes of the December meeting presented a united picture in terms of how the committee members unanimously voted for a rate increase. However, some members of the FOMC did voice concerns that this decision to hike the Fed Funds rate may have been premature.
Market volatility is bound to increase just prior and during the publication. However, what will be of interest will be to see if the dissenting voices within the Federal Reserve are getting stronger and if other members of the committee who previously backed Decembers rate increase now appear to be regretting their decision.
EURUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.1270
Target 2: 1.1015
Projected range in ATR’s: 0.0127
Daily control level: 1.1190
GBPUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1.4470
Target 2: 1.4135
Projected range in ATR’s: 0.0166
Daily control level: 1.4515
USDJPY
The intraday technical outlook
Trend 1 hour: Down
Target 1: 115.90
Target 2: 112.30
Projected range in ATR’s: 1.80
Daily control level: 114.90
USDCHF
The intraday technical outlook
Trend 1 hour: Up
Target 1: 0.9995
Target 2: 0.9775
Projected range in ATR’s: 0.0111
Daily control level: 0.9845
USDCAD
The intraday technical outlook
Trend 1 hour: Up
Target 1: 1.4025
Target 2: 1.3700
Projected range in ATR’s: 0.0164
Daily control level: 1.3705
AUDUSD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 0.7210
Target 2: 0.7010
Projected range in ATR’s: 0.0102
Daily control level: 0.7120
GOLD
The intraday technical outlook
Trend 1 hour: Down
Target 1: 1224.00
Target 2: 1177.00
Projected range in ATR’s: 23.42
Daily control level: 1217.55
OIL
The intraday technical outlook
Trend 1 hour: Down
Target 1: 31.00
Target 2: 27.00
Projected range in ATR’s: 2.06
Daily control level: 31.50
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