GBPUSD: The dollar fell before the US released inflation data

The minutes also highlighted the uncertainty surrounding the economy and the need to be cautious in assessing the impact to take appropriate action.

U.S. Treasury yields soared in the weeks following the September meeting, which some Fed officials see as a factor that could end the rate-hike cycle that hurt the U.S. dollar.

Analysts at ING said expectations that the Fed would refrain from raising rates again led to further downward revisions in yields. “However, if bond yields rise further, we believe yields could recover and limit USD losses.”