The release of the FOMC minutes caused significant volatility in the equity markets.
The Dow was down 100 points shortly after the release and then rallied up 100 points 20 minutes before the market close before finally settling up only 50 points. Unsurprisingly the relationship between equities and carry trades caused just as much volatility in currency pairs like GBPJPY which sold off to an intraday low of 226 only to rally to a high of 227.54 shortly thereafter. The Japanese trade balance and all industry activity index are due for release this evening. We are expecting strong numbers from both even though the Japanese government is growing increasingly worried about the housing market.