Thursday February 23, 2017 - 11:16:31 GMT
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Forex markets reacted rather strangely (imho) to th Fed Minutes Wednesday. Judging from the speed of quotes after the release trade must have been extremely active. There was clearly a bid for the EURUSD afterwards, but the magnitude of EURUSD gains was relatively modest on balance. Again it appeared that the size of upside stops was relatively small by recent standards. That suggests to me that recent COT reports which have been showing a decline in open interest have been representitive of reality. The EURUSD HOD has been 1.0573 and its LOD 1.0537. EURUSD has been pivoting the 1.0550 line. Stops on either the upside or downside could be in play into the weekend. U.S. Treasury Secretary Mnuchin, who is representing a President not in favor of a stronger USD could make waves shortly. Odds are +/- the neutral 1.0550 line should set the tone today.
The GBPUSD is about steady. The GBPUSD HOD bas been 1.2484. Its LOD is 1.2427. EURGBP is lower. Flows in and out of the EURGBP cross can have a significant impact on the value of EURUSD and change the EURUSD tone. Tune in frequently to the GVI Forum for updated trading insights as the session unfolds.
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