FOREX rallied a little after the release of the FED's 'minutes', but most of the day's shift had already been completed by lunchtime.
The dollar firmed up until around midday, before weakening again until around 7.45pm... then rebounding to gain around 0.25%.... and then rebounded to gain around 0.25%.

The $-Index is now close to 104.90, thanks to gains of 0.25% against the Euro (1.0830), +0.3% against the Yen (156.6) and 0.45% against the Swiss Franc (0.9150).

Prior to the FED's "minutes", the "number of the day" provoked no notable reaction: sales of existing homes in the United States fell by 1.9% in April, to an annualized rate of 4.14 million units, according to statistics published on Wednesday by the National Association of Realtors (NAR).
According to the NAR, the median price of a property rose 5.7% year-on-year to $407,600, marking a tenth consecutive month of growth and a new record for an April.

Investors have just discovered the minutes of the Federal Reserve's latest monetary policy meeting (published tonight at 8pm), which contain a few surprises: while Jerome Powell has repeatedly stated that the Fed's next move "will not be a rate hike" (i.e., obviously a rate cut).
Some board members disagree with this assertion, believing that nothing should be off-limits and that they should not hesitate to raise rates if necessary.
The other dissent concerns the pace of quantitative tightening, which was accelerated at the last meeting in early May.

These minutes show that FOMC members are in no hurry to put rate cuts back on the table", according to Oddo BHF economists.

The Fed can probably wait until the end of the summer to see more clearly," add the private bank's analysts.

According to the CME Group's FedWatch barometer, the probability of a rate hike in the autumn is now estimated at 50.8%, compared with 45.6% a month ago: the consensus is falling back below 50 this evening.

This will upset Wall Street, which was hoping for a more accommodating tone and an incentive to bet on more than 2 rate cuts this year.

Reminder: no figures or market movers in Europe this Wednesday.

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