The FOMC minutes took some of the wind out of the dollar’s sails, though in confirming that most members were not thinking of hiking in June the minutes were near expectations. EUR-USD has recouped the 1.11 level after logging a three-week low at 1.1062 yesterday. USD-JPY met Japanese exporter offers and other selling today after opening in Tokyo near to yesterday’s two-month high at 121.47. The pair traded to a low of 121.01. Slightly firmer than expected Japanese manufacturing PMI data, and slightly softer than expected China PMI, had little impact today.