Dollar Up, Investors Digest Fed Minute’s Reaffirm of Taper Timeline

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By Doris Yu

Investing.com – The dollar was up on Thursday morning in Asia after minutes from the U.S. Federal Reserve’s June meeting, released on Wednesday, said the central bank is moving toward tapering its asset purchases as soon as 2021.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.11% to 92.748 by 12:48 AM ET (4:48 AM GMT).

The USD/JPY pair inched down 0.1% to 110.54 as the Japanese government plans to declare another COVID-19 state of emergency in Tokyo until Aug. 22 to combat a recent surge of COVID-19 cases. It will cover the duration of the Tokyo Olympics.

The AUD/USD pair was down 0.21% to 0.7466. The Reserve Bank Australia Governor Philip Lowe said earlier in the day that the central bank has not ruled out an interest rate rise before 2024.

“The condition for an increase in the cash rate depends upon the data, not the date; it is based on inflation outcomes, not the calendar… the central…

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