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Analysts at TD Securities, (TD), explained that the June FOMC Minutes reinforced the Fed’s plans for a continued, gradual pace of rate hikes.

Key Quotes:

“Participants noted the “very strong” economy and generally supported hiking beyond the neutral rate this cycle.”

“Yet many participants also expressed concerns about a slowdown in global growth and the fallout from trade policy disputes.”

“The Minutes do not provide a short-term impulse for FX markets especially ahead of US payrolls, but the incremental increase of concern over trade policy and the global backdrop is notable.”

“This lends credence to our view that CAD is poorly situated while the EUR may lack a directional impulse in the very near-term.”