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Regarding the Fed Minutes, some participants expressed concern that developments in the banking sector would lead to tighter credit conditions, weighing on activity. Somehow this can help to slow down economic activity, so there may not be a need for an aggressive rate policy moving forwards, especially after today's US CPI data. But of course, PCE on Friday will be important as well. USD remains on the back foot. Also, some participants mentioned that they were debating whether it would be appropriate to keep rates unchanged at this meeting. Sounds a bit dovish, no? But apparently not enough for stocks to rally. US notes are somehow sideways, but USD is down, especially vs EUR after ECB's Holzmann comment that the inflation outlook suggests another 50 basis point rate hike in May.
It appears EURUSD is coming higher to 2023 highs, for wave C rally.
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