Despite the lack of economic releases this week as we kick off the holiday season, the main driver for the markets was the latest FED meeting minutes released on Wednesday which sent the US Dollar lower again.
Investors were expecting the FED to continue its series of interest rates hikes but at a slower pace, and the recent meeting minutes confirmed this idea, as many officials expressed their concerns about the impact the current monetary policy is having on the US economy.
After four consecutive rate hikes by 75bps the FOMC is expected to raise rates by only 50bps in December meeting, and more reductions are expected during next year.
In Asia, the Reserve Bank of New Zealand decided to raise interest rates from 3.5% to 4.25% maintaining its tightening policy.
Today, price movements are likely to be limited as the US market will close earlier.
Now let us have a look at the technical outlook.