Corrective forces continue to grip the foreign exchange market. Many expect the dollar's downside correction/consolidation to end today. Technically-inspired short-term participants often see 3-4 day counter-trend moves to be typical of market moves. Fundamentally-inspired traders expect the FOMC minutes, which will be released in the North American afternoon, to be read by the market participants with a hawkish bias. We are sympathetic to a hawkish read of the FOMC minutes, but do not believe that it reflects policy. Specifically, we argue that the FOMC minutes increase the noise to signal ratio by being ... (full story)