Dollar strengthens against major currencies Before the Federal Reserve (Fed) released the minutes of its daily meeting on July 26-27 today.
As of 11:32 p.m. PST, the dollar was 0.92% higher to 135.44 yen, while the euro gained 0.82% to 137.61 yen and was down 0.11% to $1.016. The index measures the dollar’s movements against six major currencies in a basket of currencies, up 0.29% to 106.81.
Investors are eyeing the minutes of the Fed meeting today. This may indicate the direction of interest rates in the September meeting. While several Fed officials continued to express their opinions to raise interest rates. Despite the signs that inflation has slowed
Chicago Fed President Charles Evans said the consumer price index (CPI) showed US inflation slowed in July. And this is the first positive data since the Fed began tightening its monetary policy.
However, Mr Evans said Inflation remains unacceptably high. And the Fed needs to continue raising interest rates.
San Francisco Fed President Mary Daly said it was too early for the Fed to declare victory in the fight against inflation.
She also did not rule out the possibility of the Fed raising interest rates by 0.75% for the third time in a row at the September meeting.