Dollar Up Ahead of the Fed Minutes Release By Investing.com

Dollar Up Ahead of the Fed Minutes Release

Forex May 25, 2022 01:20AM ET

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Dollar Up Ahead of the Fed Minutes Release

By Gina Lee

Investing.com – The dollar was up on Wednesday morning in Asia as investors awaited minutes from the last U.S. Federal Reserve meeting.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.09% to 101.968 by 1:07 PM ET (5:07 AM GMT).

The USD/JPY pair edged up 0.11% to 126.96.

The AUD/USD pair edged up 0.15% to 0.7114, and the NZD/USD pair gained 0.67% to 0.6507. The Reserve Bank of New Zealand hiked the interest rate from 1.5% to 2.0% as Investing.com expected. It also released more hawkish guidance on its future policy path, saying that a larger and earlier could reduce the risk of persistent, high inflation.

The USD/CNY pair gained 0.26% to 6.6708 and the GBP/USD pair inched up 0.05% to 1.2535.

The euro was down 0.22% to $1.07105 but remained near Tuesday’s high of $1.0748, a level not seen since April 25. European Central Bank President Christine Lagarde’s comments said eurozone interest rates will likely be in positive territory by the end of the third quarter, which gave the euro a boost.

Lagarde’s comments implied an increase of at least 50 basis points to the deposit rate and triggered speculation of bigger hikes this summer.

U.S. 10-year Treasury yield edged up to 2.7631%, after dipping to a nearly one-month low of 2.718% overnight.

Investors are keeping an eye on the monetary policy outlook with worries of a potential recession caused by the tightening monetary policies. The minutes from the last Fed meeting will be released later today, with investors awaiting more clues on whether the tightening would continue.

However, Fed Bank of Atlanta President Raphael Bostic, one of the central bank’s dovish policymakers, warned that headlong rate hikes could create “significant economic dislocation” and urged the Fed to tighten policy with care and avoid “recklessness” in an essay published on Tuesday.

“It is unclear whether we are getting closer to the Fed put, but it is clear that growth headwinds are becoming more evident,” National Australia Bank markets economist Tapas Strickland said in a note.

“The Fed of course remains focused on inflation, but if inflation reads were (to) start to moderate, then Bostic has opened up the possibility of a Fed pause.”

In Asia-Pacific, the Bank of Korea will release its interest rate decision on Thursday.

In cryptocurrency, bitcoin consolidated around $30,000.

Swiss franc jumps, euro trims declines against U.S. dollar By Reuters - Jun 29, 2022 1

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Dollar Edges Higher; Euro Slips Ahead of Lagarde Comments By Investing.com - Jun 29, 2022 1

By Peter Nurse Investing.com - The U.S. dollar edged higher in early European trade Wednesday, as traders sought refuge in this safe haven given the ongoing concerns of a global...

Dollar Up, Investors Assessing the Risk of a Recession By Investing.com - Jun 29, 2022

By Zhang Mengying Investing.com – The dollar was up on Wednesday morning in Asia, with investors mulling the risk of a recession from major central banks’ interest rate hikes. The...

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