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AUD/USD is on the verge of a downside continuation towards daily lows while the Dollar Index (DXY) has headed for a test of 97 the figure again, rallying to a high 96.937
FOMC minutes are coming up and could be the final catalyst of the current week. The US data dump ahead Thanksgiving Holidays in North America has seen the US dollar mark fresh 16-month cycles highs on Wednesday.
Investors have started to prospect that the Federal Reserve will begin hiking rates in mid-2022, in stark contrast to the European Central Bank which is expected to remain more dovish as COVID risks loom.
This is what makes today’s FOMC minutes critical, though they are going to be released at a time as US traders will be looking to square positions ahead of the holidays, so it could go either way. Volatility or little trading activity until after the weekend and depending on the outcome.
