FX Closing Comments

More ambiguity by the Federal Reserve minutes from a closed May 10th session left the Dollar in another stagnant range trade situation today. A much stronger than expected Midwest PMI number failed to support the dollar and traders are still left in a quandary regarding the Fed’s next move on interest rates during their next meeting. "Given the risks to growth and inflation, committee members were uncertain about how much, if any, further tightening would be needed" after the May increase, the minutes said. Another key quote from that meeting was Chairman Ben Bernanke and his Fed colleagues deciding to leave the door open to additional rate increases "in view of the risk that the outlook for inflation could worsen." EUR/USD trades 1.2820