Forex

Most Fed officials backed slowing the pace of rate hikes soon


There is volatility in the markets following the Fed minutes that show a substantial majority of the board sees slowing hikes soon.

Key notes

Fed says rate peak to be higher than previously expected.
Uncertain lags, magnitudes reasons cited for Fed slowdown.
Few participants: slowing pace reduces financial risks.
Few officials: Advantageous to wait before slowing pace.

Full statement

As a consequence of the dovishness, US stocks are higher, Gold is up and the US Dollar is bleeding out, supporting the commodity complex such as the Canadian dollar. 

Gold M5 chart

USD/CAD H1 chart

USD/CAD bulls move in but face pressures below key resistances

US Dollar H1 chart

The US dollar has  broken a key 106.00 level.



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