Beside the fact that the main risk event for today is definitely the FOMC minutes we also have Mario Draghi speaking lately today. When it comes to the ECB there are different opinions in regards with what will trigger ECB QE. Some members see QE only in an "emergency situation" and others say "ready to take any actions that may prove necessary should downside risks further materialise" like Noyer.

When it comes to FOMC minutes I'm not expecting any market-moving comments coming from Yellen's speech as she will most likely will wait for further economic data before taking a clear stance on monetary policy.

The most important question we have is how close is the FED to it's first interest rate hike as this will be the main focus and which will lift the dollar. Among FOMC members the majority are still pretty much dovish so pay attention if there is any change in their perception. Don't expect big market reaction however we should have some movements above current low level of volatility but nothing extraordinary.

Best Regards,
Daytrader21

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