Up until the release of the minutes from the most recent Federal Reserve monetary policy meeting, it had been a very quiet trading day. It's not often that the FOMC minutes will cause a large reaction in currencies, but the fact that the dollar soared minutes after the release to a two-year high against the euro goes to show how easily swayed investors are when it comes to signs of QE vs. no QE.

In today's case, the FOMC minutes were just not enough to satisfy QE3 traders who wanted a more explicit admission that further asset purchases would be necessary. A few FOMC members felt that more stimulus could be needed, but this wasn't any different from what they said back in April. The same is true of the warning that they are prepared to take further action as appropriate. While Federal Reserve officials are clearly worried about the