Can the FOMC Meeting Minutes Provide the U.S. Dollar with the Much Needed Lifeline?

The euro continued its descent from yesterday’s failed attempt to break above the 2017 high of 1.2092. 

The euro is barely holding above the 1.2000 level currently. 

The market is now waiting for the FOMC Minutes of the December meeting.  The Fed’s latest monetary policy announcement sent a dovish message to the market and ignited the weakness of the U.S. dollar against the major counterparts.  Although the Fed did insist on the continuation of the future rate hikes in the U.S.; however, the policymakers were unable to explain the tamed inflation. One thing to notice is the number of the rate hikes in 2018.  There were talks that the number could be increased from 3 to 4 in 2018.  If today’s minutes could confirm that, the U.S. dollar could get a lifeline from it. 

Moreover, this Friday’s U.S. job data may change the sentiment if the data comes in very strong and exceeds the forecasts on all fronts.

There was one buy order triggered from my MT4 EA yesterday; however, it ended up with a loss.  The stop loss was hit.

The strategy can be found here.

The latest result can be found here.

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