US dollar gives back gains

The US dollar is under pressure after the FOMC minutes indicated the Fed wouldn't be in a rush to tighten further even if inflation rises above 2% in the next few months.

At the same time, the Turkish central bank has helped to stem the tide of TRY selling by hiking rates 300 basis points. That's helped to stabilize broader emerging market currencies.

As a result, the dollar is giving back some of its North American session gains. EUR/USD has rebounded to 1.1702 from a low of 1.1676. USD/CAD is down to 1.2847 from 1.2895 before the Fed minutes.

USD/JPY is flirting with the 200-day moving average and is down to 110.07.

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