BREAKING: USD ticks lower after FOMC minutes

FOMC minutes were released today at 7:00 pm BST. Document was watched closely after wording of the latest FOMC statement hinted that further tightening is not so certain in the aftermath of banking sector troubles and resulting tightening of credit conditions.

Document noted that pre-meeting data indicated slower-than-expected progress on disinflation. Also, it said that officials lowered interest rates target range following banking turmoil while prior to banks' troubles FOMC members saw a slightly higher rate path as appropriate than in December projections. While those remarks are nothing new, there were also some interesting points. Minutes noted that some participants considered holding rates unchanged in response to banking sector turmoil but ultimately the decision to hike by 25 basis points was supported by all Fed officials.

Initial market reaction was somewhat dovish with USD ticking lower and US500 moving a touch higher. However, scale of those moves was really small.

EURUSD at 5-minute interval. Source: xStation5

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