Wednesday’s release of the June FOMC minutes gave very few reasons to doubt the Fed’s determination to keep raising rates. In a way, the bar for data disappointment and consequent dovish repricing may now be higher. Still, expect a hit to the Dollar if the ISM services fall into contractionary territory. 

The Dollar's reaction to today’s data may not prove particularly long-lived, especially if Friday’s payrolls continue to point to a tight jobs market and keep a post-July hike on the table.