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Session Recap: USD inches up ahead of FOMC minutes

FXStreet (Córdoba) - US dollar trades from little changed to slightly higher versus major competitors Wednesday, as investors gear up for the release of FOMC latest meeting’s minutes.

EUR/USD is trading around 1.2650 after reaching a weekly peak of 1.2683 earlier on the day. GBP/USD trades a tad lower at the 1.6065 zone, while USD/JPY managed to regain the 108.00 level and hovers around 108.30 at time of writing. AUD/USD consolidates below 0.8800 after hitting a low of 0.8750 during the Asian session.

“Corrective forces continue to grip the foreign exchange market. Many expect the dollar's downside correction/consolidation to end today”, said the BBH analyst team. “Technically-inspired short-term participants often see 3-4 day counter-trend moves to be typical of market moves. Fundamentally-inspired traders expect the FOMC minutes, which will be released in the North American afternoon, to be read by the market participants with a hawkish bias”.

Market focus remains on FOMC minutes due at 18:00 GMT today, in the search for signs of the Fed future policy steps.

Main Headlines in Europe:

Switzerland: Unemployment Rate (Sep) at 3.2%

FOMC minutes in the limelight today – Danske Bank

What’s the sentiment around the EUR/USD today? – Commerzbank and OCBC Bank

Brent Crude hovers near two-year lows

Stocks fall from Asia to Europe

ECB's Constancio gives more details on ABS/covered bonds purchase plan

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Gold faces resistance on hourly chart

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