The market is assuming that the ECB won't be hiking rates in the next couple of months. The way is open for the euro to decline further.

The market is now looking for some further rate hikes in the U.S. and that is going to keep the dollar supported in the near-term.

The market is still concerned about the interest rate and whether the Fed is on a possible pause.

The dollar is coming under pressure across the board, following the FOMC because of the dissenter,

The dollar is still the driving force as all the evidence points to a faster recovery in the United States than anywhere else,

The euro is under pressure already today and this is adding to its problems.

If the minutes are in a similar tone to that of the FOMC statement, then the dollar should stay supported rather than gain significantly.

Investors do seem to be comfortable with the Koizumi agenda. The fact that there are ever clearer signs that he is going to be returned is going to provide the yen with support.

The Fed will be pausing after raising rates in May. Sterling is going to hold up reasonably well in the near term.

The minutes are a very important event today, with any adjustment suggesting that the peak in rates is close, as we believe it is, seen putting the dollar under further pressure.