USD/JPY rebounds toward 111.00 after FOMC minutes

• US Dollar rises modestly after Fed’s minutes. 
• Majority of FOMC staff expected rates to remain steady during 2019. 

The US dollar dropped modestly after the released of the FOMC minutes that had a limited impact on market. The document reinforced what the central bank said at the March 19-20 meeting and also Chairmen Powell at the press conference. 

USD/JPY off lows, still down 

The USD/JPY was trading at 110.84 before the minutes, at the lowest since April 1 and then rose toward 111.00. The move to the upside so far has been limited and it still remains down for the day, about to post the third consecutive loss, as it continues to retreat from 111.80 (last week high). As of writing trades at 110.92, after being unable to climb back on top of 111.00.

The rebound followed the FOMC minutes that showed most members said the Fed's “patient” approach on interest rates was needed given uncertainties, including those around the global economy and financial developments. The DXY also moved off lows, rising from 96.86 to 96.97. 

Levels to watch