FOMC minutes fail to add clarity
- The USD has made modest gains against the EUR and JPY over the last 24 hours and has made significant moves against the AUD and NZD;
- This still looks like a cross-driven market to me with pairs like GBP/AUD making big moves higher;
- Nevertheless, with EUR/USD close to interim highs and USD/JPY threatening a break-out, we could possibly enter a phase of strong USD;
- AUD/USD close below .9000 is a bearish event, base-pickers like myself need to take a cold shower and reassess.