XE Market Analysis: Europe – May 23, 2019

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The main currencies have traded with limited directional bias, on net, so far today. The FOMC minutes weren’t perhaps quite as dovish as some market participants were anticipating, which inspired a modest rise in the dollar. The minutes showed that “many” believe downside risks had abated, and that low inflation was likely “transitory,” though “several” worried that low inflation expectations could become anchored. EUR-USD edged out a two-day low at 1.1143. The Yen saw a bout of strength in the wake of the Tokyo fixing, though gains have largely unravelled.