US dollar initially lower then turns higher
The market is having second thoughts about the Fed staying on the sidelines this year after the FOMC Minutes took a 'wait-and-see' approach rather than retreating.
EUR/USD initially rise to 1.1159, which was the highest level in US trading, but reversed shortly after and is down to 1.1121. The session low at 1.1106 is support.
A similar reversal hit USD/JPY. The US dollar initially fell to 113.80 from 114.20 but has now completely recovered.
The dollar has been largely unmoved against the commodity currencies and the S&P 500 is at a session high, up 34 points to 1930.