Dollar records small gains ahead of Fed symposium

24.08.2021 - Petr Mazaylo
Dollar records small gains ahead of Fed symposium

The dollar climbed on Tuesday morning in Asia. However, investors kept their bets minimal in anticipation of the United States’ Federal Reserve’s announcement on asset tapering and interest rate hikes during its symposium on Aug. 26 to 28.

The U.S. Dollar Index that measures the greenback against other major currencies tallied an increase of 0.10% to 93.062 by 10:33 PM ET (2:33 AM GMT).

The USD/JPY pair climbed 0.04% to 109.72.

The AUD/USD pair gained 0.02% to 0.7210, and the NZD/USD pair jumped 0.03% to 0.6892.

The USD/CNY pair nudged 0.04% higher to 6.4832, while the GBP/USD pair was down 0.01% to 1.3716.

Pepperstone head of research Chris Weston said the dollar has been driven out of favor by a strong risk environment. The good analyst commentary on oil and cyclical equities also bolstered sentiment.

Meanwhile, some investors are skeptical that the Fed will give any signals on the timeline of asset tapering during the symposium, putting pressure on the greenback.

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