Markets are getting ready for the Federal Open Market Committee (FOMC) Minutes, today at 18:00GMT. It is a critical event having in mind the latest news regarding Jobs Market and Inflation in the USA. Higher Treasury Yields favor USD today but in any case, there’s a big chance for high volatility at the time of FOMC.

EURUSD performs a bearish pullback today after its highest price at 1.2240. European GDP was announced as expected but Inflation in the Eurozone was mildly worse than expected. Below 1.2180 the bears may become more intensive.

GBPUSD has a bearish day after two bullish days in a row, mostly affected by the strong USD today. UK Unemployment Rate dropped to 4.8% in March and Inflation announced earlier at 1.5% (April YoY). Markets seem to ignore UK news, focusing more on USD.

USDJPY is recovering with the higher yields, covering almost all the bearish movement from the beginning of the week. Japan had positive and negative announcements this week but markets focus on USD.

USDCAD dropped yesterday, touching the milestone price of 1.20 but it has developed a bullish reversal candlestick pattern which makes perfect sense because many buyers appeared at 1.20. Oil free-fall helps the bullish recovery as well.