Forex news for US trading on May 18, 2016:
– Gold down $22 to $1257
– WTI crude down 50-cents to $47.81
– S&P 500 flat at 2047
– US 10-year yields up 8 bps to 1.85%
The Fed Minutes hogged the spotlight today because of a light economic data calendar but they delivered in a big way. The Minutes were more hawkish than almost anyone was anticipating and they put a June hike right back on the table. The implied probability jumped to 32% from 14% beforehand.