Societe Generale Research maintains a core bearish bias on USD after yesterday's FOMC minutes.
"The good news is that while the Minutes prompted a lot of comment, markets have taken them in their stride. The world was, is and will remain awash with cheap dollars. Treasury yields remain range-bound and Bund yields are definitely not," SocGen notes.
"EUR/USD failed to break 1.2250 yesterday equities suffer a crypto-wobble and the Minutes came out, but the correction was shallow and momentum is till upwards," SocGen adds.