Uncertainty regarding monetary policy weighs on USD

Against the background of the Greece crisis it only seems like an aside: the minutes of the last FOMC meeting of the Fed will be published tonight. Just as a reminder: the market viewed comments by Fed chair Janet Yellen during the press conference as quite dovish. Since then the USD has been slow to recover. 

The market's scepticism as regards the normalisation of US monetary policy is quite understandable, as the rate expectations of the FOMC members have continued to move downwards over time. According to Commerzbank, if this trend continues there would be only one more rate hike this year, possibly even none. This uncertainty is a major factor contributing to the market restraint. Unless the meeting minutes provide more clarity today the USD will continue to struggle until the next meeting in September.