Daily Forex News (2016.04.06)

Daily Forex News (2016.04.06)

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Daily Forex News – The focus today is squarely on the Fed, with two regional Fed presidents speaking and the release of the minutes from the last FOMC meeting.

Cleveland Fed President LorettaMester,a voting member of the FOMC, is a known hawk. Following last week’s unemployment report she said “we’re basically at full employment” and added, “we can’t wait until we get to both of our goals before we start gradually moving back up the fed funds rate. We have to be forward looking.” She noted that she has “a slightly higher forecast than some of my colleagues.” Dallas Fed President Robert Kaplan, a non-voter, is also rather hawkish; last week he said “it’s important that we move toward removing accommodation” and warned that it was indeed possible to raise rates at the April meeting. Note that EUR/USD moved slightly lower Monday after Boston Fed President Rosengren said market expectations for only one rate increase this year and next year “could prove too pessimistic.” Further hawkish comments from these two Presidents could push USD higher on Wednesday.