The U.S. dollar is getting cheaper against the euro, is stable against the British pound and rises against the Japanese yen in trading on Wednesday morning.
The ICE-calculated index showing the dollar’s dynamics against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona) is losing 0.13%, while the broader WSJ Dollar is down 0.03%.
The focus for traders this week is the minutes of the Federal Reserve’s November 1-2 meeting, at which the U.S. central bank raised its benchmark interest rate by 75 basis points (bps) and hinted at the possibility of a slowdown in its rate hike.
The minutes of the meeting will be published on Wednesday at 9 p.m. The experts expect the report to show that the Fed’s leaders reached a consensus on the need to slow the rate hike, Bloomberg wrote. However, there’s no consensus among them as to what interest rate cap will start to slow economic activity and lower the rate of inflation.
The euro/dollar pair is trading at $1.0329 as of 8:30 Moscow time, down from $1.0306 at the close of the previous session.
The dollar rose to 141.34 yen in trading against 141.22 yen on Tuesday.
The pound exchange rate was stable at the level of $1.1887 at the close of the previous session.
Meanwhile, the Chinese yuan was falling 0.19% against the dollar to settle at 7.1541 yuan per $1 as of 8:40 Moscow time. Investors are worried about new lockdowns in major Chinese cities because of a new outbreak of the coronavirus in the country which may trigger a slowdown in economic growth.
