Korea and Japan Speak Up and dollar whips

South Korea and Japan announced overnight that they were going to continue to buy U.S. dollars for they reserves afterall. This sent the dollar sharply higher against all currencies.

FOMC minutes stressed the importance of labor costs and overall inflation in determining appropriate level of interest rates. FED Gov Guynn is looking for consumer spending to stay strong and rates to continue to rise. The FED continues to signal higher rates down the road.