Dollar Losing Value Ahead of FOMC Minutes: Wednesday's Market Forecast

Posted by TopstepTrader on October 11, 2017

Overnight, the big mover in futures markets was the Euro ($6EZ7), which gained 0.4% to push up towards the 1.19 handle. Between 1.19 and 1.1920, there is expected areas of resistance, so it will be important to look at how the Euro reacts ahead of the FOMC Minutes this afternoon at 1 PM CT. Following the FOMC decision last month, the U.S. Dollar significantly strengthened - falling from 1.2050 to 1.1950 against the Euro. Given that, it's interesting that prices have moved back towards that 1.19 level. Is the market setting up for a fall or shaking off the knee-jerk reaction?

Elsewhere in futures markets, Crude Oil ($CLX7) is trading right at $51, while the Emini S&P 500 ($ESZ7) is just below 2550. Gold, which has rallied in recent days, is down slightly to $1,292 per ounce. 

Danny Hodgman is filling in with all the levels that will be important in today's trading. 

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Topics: Market Updates