The tone of the FOMC Minutes was not much different from the Jul statement. Key takeaway from the Minutes

GBL: Global Markets Daily

FX Research by Saktiandi Supaat

Still Data-Dependent

The tone of the FOMC Minutes was not much different from the Jul statement. Key takeaway from the Minutes is that there was a general agreement more data is needed before tightening. There was no indication that Fed is on the cusp of raising rates. The USD deflated. Early morning trades see JPY continuing to strengthen along with MYR and THB playing catch up. Given that the Minutes is of a meeting that happened almost three weeks ago, expect USDAXJs dips to remain shallow..

Saktiandi Supaat    (65) 6320 1379    saktiandi@maybank.com.sg Fiona Lim    (65) 6320 1374    fionalim@maybank.com.sg