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FXstreet.com (Barcelona) - Danske Bank Strategists note that ahead of Friday's job report today's FOMC minutes could cast some light on Fed thinking around the tapering process initiated at the December meeting.

Key Quotes

“The dollar index has edged higher since then and we expect the FOMC to see a reduction in the QE programme of around USD10bn per meeting provided the data flow stays decent.

“This should facilitate a gradual move lower in USD this year. On the whole, positioning moved very little over the Christmas period, see IMM Positioning, suggesting speculators are still long EUR and thus that there is room for downside in the single currency should Draghi acknowledge the significant deflationary pressure in the euro-zone at the ECB meeting tomorrow.”
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