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Ahead of Fed minutes, dollar remains below 2-week highs while only falling

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News Tech: The dollar held below two-week highs on Wednesday as traders awaited the release of minutes of the Federal Reserve’s December meeting, with expectations of a rate hike in early March, keeping the dollar in check. yen near 5-year low. The minutes, which took effect at 7:00 GMT, could underline US policymakers’ renewed sensitivity to inflation and their willingness to act. Markets ramped up bets on a 1/4 percentage point rate hike in March and fully priced in May.

Minneapolis Federal Reserve President Neel Kashkari said on Tuesday he expected the US central bank to raise interest rates twice this year in response to persistently high inflation, reversing his view his long-standing belief that interest rates will remain at zero until at least 2024. Partial data on US labor on Wednesday and nonfarm payrolls on Friday will also be watched for guidance on the trajectory of borrowing costs. The Japanese yen weakened past psychological support against the greenback around 115.50 on Tuesday to hit a five-year low at 116.35. It traded at 115.90 on Wednesday.

“If the cuts had ended a few months ago, we think the FOMC would raise its policy rate now with unemployment not much higher than the target,” said Standard Chartered analysts. Fed’s long-term spending and core and main inflation… are much higher”. Against a basket of rivals, the dollar index was steady at 96.269 after hitting a two-week high of 96.462 in the previous session.

The Australian and New Zealand Dollars are sensitive to the risk of trouble due to concerns that Omicron could derail the global economic recovery. The pound, meanwhile, has gained about 2.7% against the dollar in a dozen trading days since December 20, with traders also believing an increase in Omicron business in the UK will not prevent the Bank of England from raising interest rates.

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