DXY has climbed 11 pips thus far and last....>

DOLLAR: DXY has climbed 11 pips thus far and last sits at 96.56.

- The DXY finished 7 pips lower yesterday, with the FOMC meeting mins revealing

that several participants noted that further rate hikes "might prove necessary

only if inflation outcomes were higher than in their baseline outlook."

Participants agreed to the changes in the statement that shifted toward a

"patient" stance & data dependence, but noted that "if uncertainty abated, the

Committee would need to reassess the characterization of MonPol." Almost "all

participants thought that it would be desirable to announce before too long a

plan to stop reducing the Fed's asset holdings later this year." Familiar

downside risks were highlighted. Fed's Clarida later pointed to patience, as he

noted that MonPol is "in a good place." Fed's Daly spoke in Asia-Pac hours today

and said that the Fed is "very near" the neutral interest rate.

- Bulls target yesterday's peak at 96.65, followed by the Jan 2 high of 96.96.

Bears focus on the 100-DMA at 96.41, ahead of the 21-DMA/50-DMA at 96.34/33.

- U.S. data releases today include domestic initial jobless claims, durable

goods orders & PMI data. Elsewhere, Fed's Bostic is due to speak.