Dollar records small gains as investors await taper timeframe news
The dollar extended its gain on Wednesday morning in Asia but continued to hover close to its lowest level in nearly three weeks. Investors retained small moves as they await the latest United States jobs report on Friday that could offer hints on the U.S. Federal Reserve’s asset tapering timeframe.
The U.S. Dollar Index that measures the greenback against other major currencies nudged 0.10% lower to 92.730 by 11:25 PM ET (3:25 AM GMT).
The USD/JPY pair increased 0.16% to 110.19.
The AUD/USD pair shed 0.01% to 0.7314, and the NZD/USD pair declined 0.06% to 0.7040.
The USD/CNY pair climbed 0.04% to 6.4633, while the GBP/USD pair slid 0.11% to 1.3739.
The dollar has been declining from a nine-and-a-half month high of 93.734 on August 20 following comments from Fed officials that asset tapering will not start anytime soon.
Fed Chairman Jerome Powell did not provide a specific date for the matter, except expressing its possible start this year.
Meanwhile, Cleveland Fed President Loretta Mester on Monday said the latest inflation data failed to achieve the central bank’s target for price stability.