The Minutes of the FOMC September meeting do not offer a lot of significant information that would react to the Forex.
As a reminder, the FOMC meeting in September has been more hawkish than anticipated, in spite of the announcement of the beginning of reduction in the Fed’s balance sheet. In effect, this announcement was accompanied by an optimistic message on the economy, but rather, a continuation of the chances of a rate increase in December, while markets were distant from this perspective.
In the Minutes of today, you can see that the members of the Fed think overall that a new rate increase is necessary this year, even though some people want to wait until inflation goes up. Many worry, however, that the weakness of inflation is not transitory.
The members of the Fed think that the forthcoming reports of inflation will be impacted by the hurricanes.
The tightening of the labour market should support wages and inflation, according to several members of the FOMC.
Overall, the Minutes resume the highlighted items in the statement of monetary policy, which limits the impact on the Forex.
EUR/USD remains unchanged and is still developing between 1.1825 and 1.1860. The upward bias remains in place following the FOMC Minutes.
The increase could therefore continue in the short term and as long as one remains at the top of 1.1825.