Dollar looks vulnerable heading to FOMC minutes

Dollar is not looking so shiny today, heading into FOMC minutes to be released at 19:00 GMT. Though minutes are from October meeting, which makes it almost three week old, traders and investors are surely to look closely for definitive cues that FED will hike rates in December to keep bidding on the Dollar.

Most sought would be the arguments behind explicit mention of December hike in its October statement and to have a feel that how many of the participants would be willing to vote in favor of a hike.

However, heading to the minutes, Dollar is clearly in the back foot, lacking further ammunition to push forward. After last month's block buster payroll report, most in the market are betting for a hike in December, so any language suggesting a different approach could be bearish for Dollar. More to that, there may not be much in store for Dollar today, since hike is being considered as a done deal and that is what makes Dollar more vulnerable.

Pound especially could stage large gains, if FOMC suggests otherwise. Pound is currently trading at 1.521 against Dollar, while FXCM Dollar index is currently at 12180.