XE Market Analysis: Europe – May 21, 2021

The dollar has corrected some of the gains seen following the release of the FOMC minutes from the late April meeting, which showed that “a number” Fed members thought it could be “appropriate at some point in upcoming meetings to begin discussing a plan for adjusting the pace of asset purchases.” Though we view that comment as vague with a lot of qualifiers, and not necessarily surprising, it was not to the bond market’s liking, at least at maturities beyond the nearer dated.