In a couple of hours, we get to see the FOMC minutes from their last meeting, which my colleague Arslan briefly covered in the morning brief. If you remember, the FED increased interest rates for the second times in 6 month, so the general opinion in the market was that that´s it for now regarding rate hikes, at least until December.      

That´s one of the main reasons why the Buck has been slipping lower recently. The FED delivered some hawkish comments in the statement in the presser, but the USD kept sliding.

Although, the forex market is having second thoughts now. USD has retraced 150-200 pips against most major currencies, while the USD/JPY has recuperated nearly all the losses.

So, unlike 2 weeks ago, I think that that the market will be a lot more interested and sensitive to any hawkish remarks in the FOMC minutes today.  

In the last two weeks, we have seen some impressive economic data numbers from the US, but they won´t reflected in the FOMC statement.

That said, if we see any signals or hints that another rate hike might be on the way before December, probably in September, then don´t be surprised to see the Buck gain several cents until tomorrow morning.

But, we don´t really know what those guys have discussed, so we´ll wait until the FOMC minutes are released and try to read between the lines.   

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