US Dollar increased by 0.07 percent in yesterday’s trading session against basket of six major currencies as US Federal Reserve monetary policy meeting minutes showed that policymakers continued to view gradual interest rate hike as appropriate. However, sharp gain was prevented on disappointing data from US and as minutes showed a lack of consensus about when to shrink its balance sheet. In Intraday Dollar Index touched a high of 96.512 and closed at 96.29 against Dollar.
Dollar is expected to trade with positive bias on the back of hawkish US Federal Reserve monetary policy meeting minutes. However, sharp gains may be capped as traders will remain cautious ahead of economic data from US. Expectation of mixed batch of economic data may hurt Dollar. Demand for safe haven to increase on tension in Korean peninsula.
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