Round trip complete
The US dollar decided there wasn't so much to worry about in the FOMC Minutes after all.
The kneejerk higher across the board has now been completely erased. EUR/USD jumped to a session high of 1.2360 from 1.2315 but now it has retraced.
It's a similar story in other pairs with the dollar falling and then recovering around 40 pips. There really wasn't much to be surprised or excited about in the Minutes.
One driver right now is bonds. Treasuries are selling off and it's pushing yields close to fresh cycle highs. That's helped to spark USD buying and has stocks worried after the initial surge.
