Western Union:
Caution ahead of the release of important minutes from the last Fed meeting caused the dollar to pare gains that earlier took it to three-week peaks against the euro and to two-month highs against the yen.
At its last meeting in late April, the Fed tempered its outlook for the U.S. economy and was mum on when it might lift interest rates. Dollar bulls want to read minutes that keep the door open to a sooner rather than later rate hike. Bears, on the other hand, want the minutes to officially quash expectations of a midyear move.
The Fed next meets on June 16-17 and officials will have one last nonfarm payrolls report to view beforehand.
