Traders said the market was awaiting the Fed minutes from a policy setting meeting held on May 3 for a glimpse into how concerned Fed members were about U.S. inflation risks. Still, some analysts said the minutes, due at 1800 GMT, were unlikely to show that members had wavered in their position to tighten monetary policy at a "measured" pace. The euro has been sold-off partly due to the growing rate differential between the United States and the euro zone. The Fed has raised its key rate at eight straight meetings to 3 percent, while the euro zone rate has held at 2 percent since mid-2003. European Central Bank Governor Jean-Claude Trichet dismissed on Monday calls to lower European rates, arguing that a cut would do more harm to the region, which is experiencing only modest economic growth.