FOMC minutes preview

Today US Federal Reserve will release minutes of its September meeting at 18:00 GMT.

• Minutes' release usually add to high short term market volatility, and today may not be very different since it is surely important to see, what FED policymakers might be arguing on and what are their top concerns in delivering first rate hike since 2006.

Is today's minutes are of lesser importance?

• Minutes are already old and of a time when US data were much stronger than now. Nevertheless, general expectation is that the minutes will be dovish. After terrible August volatility which refrained FED from hiking rates, concerns have now shifted to weakness in the economy.
   
• Focus is more on next FOMC monetary policy scheduled this month on 27th-28th.
   
• Moreover minutes are of time before recent weakness in payroll data.

Expectation -

• Though broad expectations for the minute to be dovish, it might build up on Last week's weaker than expected NFP report and Dollar might take larger hit.

FXCM Dollar index is currently trading at 11998, key resistance lies around 12010 area for intraday.