💲 USD holds post-CPI gains after FOMC minutes

Release of FOMC minutes can be described as slightly hawkish. While it was noted that central bankers see a dovish pivot as likely appropriate some time this year, the document also showed that Fed members are worried about persistence of inflation and that recent data was not increasing their confidence in inflation moving down sustainably towards the 2% target. Fed members' confidence surely did not improve following today's CPI reading for March, which was unknown to them at the time of meeting. Reaction to the release was muted, with no major moves spotted. However, markets held onto earlier post-CPI moves and gave investors more reasons to worry whether rate cuts will begin in the first half of this year.

EURUSD holds onto post-CPI losses after FOMC minutes showed Fed members concerned about inflation. Pair attempts to finish the day below a medium-term support zone in the 1.0750 area. Source: xStation5