EUR/USD rises to fresh 12-week highs after FOMC minutes

• US dollar extends losses after FOMC minutes.  
• EUR/USD firmer, heads for the highest close since mid-October.

The EUR/USD pair printed a fresh 12-week high after the release of the FOMC minutes of the December meeting. The greenback weakened further across the board, and the euro climbed to 1.1557, hitting the strongest level since October 17.  

Afterward, the pair pulled back modestly to 1.1530/40 but it was still holding a robust bullish tone and poised for a daily close above the key 1.1500 area validating the breakout of a consolidation range that prevailed for many weeks.  

The greenback was falling sharply on Wednesday on the back of “dovish” comments from Fed’s officials. The minutes added to those comments as it showed that many policymakers considered the Fed could afford to be patient about more tightening given muted inflation pressures. According to the minutes, most officials saw appropriate to hike interest rates at the meeting and a few favored no change.  

The minutes pushed the US dollar to fresh lows but at a moderate pace. The greenback is having the worst day in weeks and EUR/USD heads for the highest close since October 16 and points to more gains.