Fed Minutes:Officials determined that they needed to adopt and maintain a more restrictive policy stance

The Federal Open Market Committee minutes of September's meeting have been released:

Fd officials determined that they needed to adopt and maintain a more restrictive policy stance in order to achieve their goal of lowering elevated inflation.

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Market Update

Meanwhile, the attention will now turn to the US inflation data on Thursday. On Wednesday morning,  US producer prices increased more than expected in September, further boosting the dollar, especially against the yen where the market's attention is focussed the most. The producer price index for final demand rebounded 0.4%, above the forecast for a 0.2% rise. In the 12 months through September, the PPI increased 8.5% after advancing 8.7% in August.

Following the US PPI data, the greenback rose as high as 146.88 yen. The DXy index has reached a peak of 113.59 ahead of the FOMC minutes. USDJPY remains near its strongest level since August 1998. It was last up 0.7% at 146.84, marking a fifth straight session of gains to a high of 146.09 so far. 

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About the FOMC Minutes

Minutes of the Federal Open Market Committee (FOMC) is usually published three weeks after the day of the policy decision. Investors look for clues regarding the policy outlook in this publication alongside the vote split. A bullish tone is likely to provide a boost to the greenback while a dovish stance is seen as USD-negative. It needs to be noted that the market reaction to FOMC Minutes could be delayed as news outlets don’t have access to the publication before the release, unlike the FOMC’s Policy Statement.