The outlook on the Greenback remains bullish ahead of the release of the policy meeting scheduled for later today. If the greenback continues on the front foot after the minutes, it will further cement the strength of the safe-haven currency after an unprecedented rally against major currencies on Tuesday.
The Fed hiked rates by 75 basis points at the last meeting, a move last witnessed in 1994. The tone of the FED has been massively hawkish in recent meetings in their bid to control soaring inflation.
The release of the all-important Job data on Friday will attract market participants in their quest to decipher the next plan of the FED. If job creation is still not massively affected this time around, it will allay all fears that a recession might ensue from the recent rate hike and could provide an impetus for the Fed to continue on its aggressive stance.
US economy has witnessed a rapid rebound in Jobs in recent times and it is natural for a slowdown in job growth to follow and that could explain the downward review in the forecast for the key data on Friday.
I advise traders to strategies ahead of the increased volatility to improve profitability.
Instrument For Consideration
Currency Pairs - EURUSD, USDJPY, USDCHF, USDCAD, GBPUSD, AUDUSD, NZDUSD
Commodities - Gold, Silver
Index - US30, US100, US500, US 2000.
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