EUR/USD, USD/JPY flows: Dec FOMC Minutes Fail to Provide Direction

 FX traders were watch 2yr Treasury and only a 1bps decline was seen.  The December minutes leave the impression that the bias is towards more cuts in 2026, but likely after a policy hold in the near-term.  However, this is already discounted in money market futures and attention now switched to the December numbers, with payrolls on January 9.