Global macro overview for 19/11/2015:
The review of the FOMC meeting minutes revealed yesterday:
- policy members are leaving all options open for the December meeting;
- policy members agreed to gradually remove accommodative monetary policy;
- the majority says the December rate hike is correct and there is no major shock to the US employment and economic progress
- global risks are decreased
- only one dissident: Jeffrey Lacker
The FOMC minutes did not virtually bring anything new as the old rhetoric is still being used. Nevertheless, the December rate hike is still on the table.
The EUR/USD pair has broken above the golden trend line and is trading higher after the FOMC minutes. The next resistance is seen at the level of 1.0718 and the support is still at the level of 1.0666.