USD: Credit Agricole remains a buyer of the dollar vs. the CAD and AUD

Here is Credit Agricole's interpretation of the Fed's minutes:

"According to the FOMC minutes, several participants called for caution regarding monetary tightening because they "see a risk that the US economy slows in the wake of the rest of the world as well as a risk in terms of the inflation outlook". Several governors have also signaled that there is little room to maneuver to ease monetary policy if necessary. The minutes more or less confirm that there is very little room for a rate hike this month.

However, as this situation is already built into the price, we believe that there is little room for expectations regarding US monetary policy to back off further at the expense of the USD. We remain of the view to buy the dollar against the AUD and CAD," says Credit Agricole.