Dollar holds gains ahead of Fed minutes

Dollar holds gains ahead of Fed minutes

LONDON, Aug 17 (Globe Live Media) – The dollar maintained gains against other major currencies on Wednesday, ahead of the release of the U.S. Federal Reserve’s July meeting minutes, which could provide further clues about the pace of growth. further increases in interest rates.

* The greenback has made up lost ground since softer-than-expected inflation data buoyed investor bets that price gains may have peaked, weakening the dollar.

* “The question is whether the Fed wants to use these minutes as a communication tool to push back the vision of an easing cycle in 2023,” currency analysts at ING said in a note.

* US retail sales data, to be released on Wednesday, will also be closely watched as an indicator of the economy’s resilience.

* The dollar index rose 0.1% to 106,600, recovering about 2% from last week’s low on inflation data, though still more than 2% from a two-decade high of 109. ,29 played in mid-July.

* The euro was trading almost unchanged at $1.01730 after revised official data showed euro zone economic growth was somewhat lower than previously estimated.

* Sterling was flat at $1.220990 after data on UK consumer price inflation accelerated to 10.1% in July, the highest since February 1982.

* The dollar gained 0.5% against the yen to 134.960, after data showed Japan’s trade gap widened after a record rise in imports in July.

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