Kashkari is not a voting member on the Fed's rate-setting commmittee until next year, but takes part in deliberations. Most Fed policymakers are backing a rate hike by year's end should the labor market and continue to firm. Kashkari has yet to comment on when he prefers to see a rate increase and has said more patience is less risky than raising the benchmark too soon.
The USD is on an uptrend on rising expectations that the U.S. would raise interest rates as early as this year, with markets pricing in about a 70-percent chance of a hike in December. The EUR/USD is testing a support at 1.1015, 76.4% fibo of June-August rise.
Investors await the minutes of the Open Market Committee's September meeting, scheduled to be released later on Wednesday, as well as U.S. retail sales data on Friday.
Long black lines on Monday and Tuesday highlights the market structure. The next EUR/USD bears targets are July low at 1.0952 and June low at 1.0912. We are looking to get short on upticks.
Source: GrowthAces.com - Daily Forex Trading Strategies