This Is The Main Market Focus On The Opening Of The European Session!


 Trading in major currencies dominated the market at the opening of the European session as market focus turned to the release of the minutes of the FOMC meeting in the upcoming New York session.

The euro, which is awaiting the release of manufacturing and services PMI data from the European Zone shortly, traded steady at around 1.0330 with a 0.3% rise against the US dollar.

Also in focus is the pound which will be shown with similar data from the UK, seeing the currency trading flat at around 1.1890 against the greenback.

With the gloomy expectations in the data, it may have an impact on both currencies once it is released.

Meanwhile, the kiwi dollar continued to trade higher after receiving support from a surprise decision by the Reserve Bank of New Zealand (RBNZ).

The RBNZ raised interest rates by 75 basis points at its latest policy meeting, while also signaling further increases.

The Aussie dollar rose slightly but with limited movement due to concerns about Covid-19 in China still shackled the market.

The US dollar, the king of currencies, remained gloomy, with the dollar index trading lower at 106.95 against a basket of major currencies.

The minutes of the FOMC meeting that will be released early Thursday morning will be used as the next indication by investors for the next direction of the Federal Reserve (Fed).

The release of US manufacturing and services PMI data in the New York session will also be the focus of the market to see the health of the giant economy after a series of aggressive rate hikes implemented by the central bank.