I do not know if there is a macro-data commerce that has a hit-rate as robust as fading the FOMC Minutes. They’re stale by the point they’re launched and there’s by no means a single coherent message, so folks can learn them any means they like.

In any case, the US greenback sagged on the discharge of the FOMC Minutes this month, solely to recuperate the dip inside the hour. To be truthful, the strikes have been round 10 pips every means — hardly even a commerce — however it match the long-standing sample.

The Minutes themselves have been benign however there have been some worries they’d chart a more-hawkish path so the preliminary greenback promoting got here as that tail danger did not materialize.

In fairness markets, there was some modest shopping for on the FOMC Minutes however that shortly reversed and shares are close to the lows of the day. The Nasdaq is down 1%.

I strongly suspect that is extra across the 10% implied transfer in NVDA following at present’s earnings report than the Fed minutes.