EUR/USD, USD/JPY flows: Dec FOMC Minutes in Focus

Traders in Europe are waiting for the FOMC minutes for the December meeting for further clues on 2026 Fed policy.   Powell Q/A signalled a pause is likely in January, but did not provide clarity beyond that.  However, the market has pushed the next 25bps cut to the June meeting and any dovish noises in the minutes could reawaken talk of an earlier cut and weigh on the USD.  EUR/USD and USD/JPY remain rangebound in post-Christmas trade, with traders also looking at what will be the major catalyst in 2026.  Bias is for USD to drift down, but for AI/risk on to help the USD and make this a choppy process.  We would see USD/JPY being toppy and look for a test of 155.00 into the new year.