Research Team at Investec, suggests that the FOMC minutes from the January meeting were released after the London close, and saw a muted reaction from markets. Key Quotes “The Dollar was unresponsive, mainly because we had already heard a more recent insight into Fed thinking at last week's semi-annual testimony from Fed Chair Janet Yellen. The minutes confirmed the FOMC are already considering a lower rate path than the four hikes predicted in December. The minutes highlighted three areas of concern, China's slowdown, global financial market volatility, and uncertainty around their previous inflation forecasts. The Fed's next interest rate decision is on March 16 and another hike looks unlikely, particularly in light of last week's congressional testimony where Fed Chair Janet Yellen suggested the central bank may delay, but not abandon, planned rate increases this year. Overnight Asian stocks joined the global recovery after the FOMC minutes seemed to slow the expected pace of US tightening, while oil’s second day of gains also helped boost sentiment.” For more information, read our latest forex news.