News & Data:
The Fed released the minutes for their April meeting yesterday and the reaction was rather mixed. While most Fed officials saw the Q1 weakness in the US economy as transitory, there were some dovish lines in the statement. The US Dollar weakened slightly overnight and USD/JPY fell back to 121.00 after reaching a high of 121.43 post-FOMC.
In the Asian session, China released their Manufacturing PMI data, which missed expectations. There wasn’t much of a reaction in markets though, and the Shanghai Composite is up over 1 % on the day.
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