Not much meat

NOT MUCH MEAT - There wasn't a whole lot to take away from Wednesday's Fed Minutes and overall, the market reacted accordingly. I suppose the key takeaway is that the Fed direction is data dependent. The Fed is committed to moving in the direction it has been, towards a rate hike, but isn't going to get overly aggressive in getting to that point. There is still a lot of caution in the Fed's tone, but there is also a continued sense that slowly but surely there is a shift going on towards the hawkish side. So what does this mean for the market? Well, not sure there is too much we can take away from this in determining the next key move.

DATA DEPENDENT - I don't think we should see any meaningful shift away from buying US Dollars, and any pullbacks in the Buck (which are entirely possible), should also be very well supported. Thursday's US inflation data comes into focus, and with inflation being a key variable in the Fed's equation, this could be a series of data which opens a lot more volatility than Wednesday's Minutes did. Anything on the hotter side of expectation should open some more broad US Dollar buying, while a softer print will expose the US Dollar to some profit taking. Elsewhere, a referendum on the Swiss gold vote shows the balance well in favor of the "No" vote, which means the SNB would not have to increase its gold reserves.