FOMC Minutes to Guide EUR/USD and GBP/USD Direction

DailyFX

Talking Points:

- GBPUSD continues slide after weak labor data.

- EURUSD hits former trendline at 1.3760/70.

- Both EURUSD and GBPUSD will find direction after FOMC.

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The US Dollar is starting to make some headway against the European majors ahead of the FOMC Minutes. The GBPUSD lull has been aided by the UK unemployment rate unexpectedly rising to 7.2% in December, while the rate of jobs growth in the UK is slower than anticipated overall.

The EURUSD market is more technically driven at present time (given the lack of headlines and firm position by the ECB), though the FOMC Minutes should help decide whether or not the pair is due to break 1.3760/70 or fall back towards 1.3680 today.

Read more: GBP/USD Stunted by CPI, USD/JPY Clears First Hurdle after BoJ

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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