FOMC meeting minutes. Most Fed officials backed B/S move at upcoming meeting

• Official saw inflation pick up over next couple of years.
• Several said inflation risk could be to the downside
• Many saw sub 2% inflation for longer than expected.
• Many expected B/S to only modestly tighten policy
• Many Fed officials swa weak inflation due to idiosyncratic factors
• Some officials concerned by weak inflation, argue for patience
• Fed split on assessment if inflation expectations well anchored
• Fiscal policy uncertainly damping investment
• Rising stock prices has eased financial conditions
• A fall in longer term inflation expectations would be undesirable.  

The dollar is getting weaker after the meeting minutes.  The EURUSD has moved to a new session high but only by 1 pips so far. The 100 and 200 hour MA at 1.1766 and 1.1767 converge and should be a key target above for the pair.

The USDJPY fell below the 100 bar MA on the 4-hour chart and will eye the 200 hour MA at 110.09. That level is also where the 38.2% of the move up from the August 11 comes in.