EURUSD rose more than 100 pips for the day. The upmove was especially severe during the US session as fears on whether the Fed would hike rates or not loomed large on the markets. We also had news from different pollsters on who was leading the race for the US President and from a position of clear and total dominance, we now see that Miss Hillary has slipped and we have the real possibility that Mr. Trump might slip in through the back door. The market had already started pricing in a victory for Miss Hillary and some of this slowly started to unwind yesterday as more news of a much tighter race began to creep in.
Looking ahead to today, we have the FOMC meeting minutes dominating the headlines for today and it will be released during the middle of the US session. The market will be sieving through the statements to look for any specific clues that hints at a hike during December. The market has already priced in a rate hike in December by over 70% and it is now more a question of what to look forward to after the rate hike that matters now. The FOMC statement is expected to answer that question atleast partially but with the rate hike almost fully priced in, do not expect much movement after the initial volatility.



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