Dollar, euro drop as investors brace for Fed minutes

07.07.2021 - Davydova Maria
Dollar, euro drop as investors brace for Fed minutes

The dollar fell on Wednesday morning in Asia as investors await the minutes of last week’s U.S. Federal Reserve’s meeting. Meanwhile, the euro plunged to an almost three-month low against the dollar due to disappointing German economic data and rising economic concerns caused by the pandemic.

The U.S. Dollar Index that measures the dollar against other major counterparts dropped 0.01% to 92.532.

The USD/JPY pair was steady at 110.61.

The AUD/USD pair fell 0.07% to 0.7491 while the NZD/USD pair rose 0.06% to 0.7015.

The USD/CNY pair dropped 0.06% to 6.4714 and GBP/USD pair was down 0.01% to 1.3798.

The euro traded at $1.1820 following a three-month low of $1.1806 during the previous trade. It dropped against the yen to 130.81 yen near its two-month low drop of 130.05 hit on June 21

Meanwhile, the German factory orders experienced a contraction of 3.7% of month-on-month in May. This was higher than the forecasted 1% growth in the same month and the expected 1.2% growth in April.

Investors expect the minutes from the Fed’s meeting to be posted later today as it would offer hints to the central bank’s monetary policy outlook.

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