1. The FOMC protocols did not support the dollar
2. Oil prices remain under pressure
3. British retailers have dramatically increased the number of vacancies
On Thursday, the dollar index is held near two-week lows. Investors reacted very cold to the minutes of the last FOMC meeting as they were in line with general market expectations. Despite the improvement in the economic situation, the Fed intends to continue its stimulating policy as the main indicators are still far from the target levels, and the prospects for economic recovery remain very uncertain. The COVID-19 pandemic still poses a threat to the economy due to the spread of new strains of the virus.
Oil prices are holding in the red trading zone today. Investors continue to play back the published EIA report. The sharp rise in gasoline inventories has raised concerns about US oil demand. The market is also under pressure from reports of an increase in production from Russia and a possible increase in supplies from Iran, which has resumed negotiations on its nuclear program.
According to Indeed, UK retailers have been actively looking for new hires lately in anticipation of the release of quarantine measures and the reopening of stores. Retail job vacancies have skyrocketed. GBP / USD in Asia is up by 0.2% but is still vulnerable.
News to watch out for today:
11:30 GMT. EU: ECB Statement on Monetary Policy
12:30 GMT. USA: Weekly Unemployment Claims Data
16:00 GMT. USA: speech by the head of the Fed Jerome Powell at the IMF event