The U.S. dollar appreciated during the week against major pairs. The currency got a boost from the release of the minutes from the January Federal Open Market Committee meeting. The brief statement was slightly hawkish, but the full notes from the meeting revealed the U.S. central bank upgraded its economic projections from those made in December and expects the 2% inflation target to be met in the mid-term.
Since the first iteration of the Federal Reserve’s Quantitative Easing (QE) program were announced nearly a decade ago, traders have been calling for an end to the 35-year bull market in US bonds (i.e. falling yields).