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5 Apr 2022

Dollar Inches Down while Australian Dollar Rises Prior to Fed Minutes’ Release

The Index Today

The U.S. dollar dropped on Tuesday along with the euro amid the possibility of more sanctions against Russia for its February invasion of Ukraine, which comes prior to the release of the U.S. Federal Reserve’s minutes from its March policy meeting.

According to Investing.com, the dollar index dipped slightly to 98.955 at 3:00 AM ET (0700 GMT), close to its previous week high of 99.083.

The AUD/USD pair climbed to a nine-month high of 0.7607 by 0.9% after the Reserve Bank of Australia revealed upcoming interest rate hikes even though it kept the current benchmark interest rate at 0.1% at its policy meeting.

Investors have been awaiting the minutes of the Fed’s March policy meeting which will afford them a clearer outlook of the monetary policy while also giving them details about the central bank’s plans to reduce its $9 trillion balance sheet.

Markets anticipate the Fed to adopt a more aggressive stance to counter soaring pandemic-induced inflation, particularly spurred by the release of a strong employment report on Friday.

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