The dollar is modestly firmer in the wake of the January FOMC minutes. The committee was a bit more upbeat and a few even spoke about scaling back QE. They raised their economic outlook, pushing up their GDP view, down their unemployment forecast a tenth and up their inflation forecast a touch. While the revisions were not huge, they were all at least in the right direction.
We well from 1.3565 to 1.3635 but we are taking back much of that lost ground now…
Looks like more range trade ahead as the market thrash around below the 10-day moving average (1.3586).
