The US Dollar extended its advance while the US stock market continue to face more selling pressure after the release of the latest FED meeting minutes.
The Federal Reserve remains committed to bringing inflation down in the future. Several officials welcomed the idea of slowing the pace of future interest rate hikes, in the meantime, they highlighted the importance of seeing more evidence of inflation decline in a broader range of prices before deciding the future monetary policy.
The minutes also showed that more rate hikes will be necessary later this year.
During today’s European trading session, traders will be looking at the Eurozone inflation data.
The January Eurozone CPI is expected to have risen from -0.4% to -0.2%.
In the US, the quarterly GDP is likely to come unchanged at 2.9% while initial jobless claims forecasts are pointing to an increase to 200K compared to 194K previously.
Looking now at the latest price action developments in the major currency pairs alongside gold.