The FOMC mins all but confirmed a June........>

FOREX: The FOMC mins all but confirmed a June hike, but didn't allude to the

need for additional tightening vs. dot plot exp, which saw USD move away from

best levels against most of the majors (also aided by language on the IOER).

- Risk aversion had commenced during the Asia-Pacific session, the sale of

TRYJPY by Japanese Retail was attributed to the move with the market also

reacting to the Trump/Kim summit being put into doubt. The risk averse theme

spilled over into NY, before profit taking ahead of the Fed minutes witnessed

modest recoveries, although JPY remained the outperformer in the G10 space.

- Soft European PMIs pressured EURUSD, with the cross hitting 6-month lows of

1.1676. GBPUSD also felt weight in the European morning after weaker-than-exp.

UK headline & core CPI readings, touching lows of 1.3306. The Turkish Central

Bank held an extraordinary rate meeting & raised its main lending rate by 300bps

to 16.5%. TRY gained 30 big figs vs the USD to 4.5570, USDTRY last 4.5750.

- BoJ's Sakurai is due to speak in Asia-Pacific hours, before focus moves to

Fed's Dudley, Bostic, Kaplan & Harker, BoE's Carney, ECB's Praet, ECB April

meeting minutes & UK retail sales later on Thursday.