Traders were walking back recent USD-strength, one that was partially based on expectations that the Fed is considering hiking rates in 2015. The FOMC minutes had 3 main points: 1) Economy is still slow in recovering, and China’s downturn won’t help. 2) Members walking back some optimism shown at the turn of the the year – recent soft data is not just due to the cold. Thus low interest rate might be longer than expected, maybe through 2015. 3) Inflation is low and is a concern that can hold back any interest rate hike. This provides some basis for the USD-weakness already put in earlier this week. The minutes ... (full story)