Dollar weakens, investors look for hints on Fed taper’s timeline
The dollar performed poorly on Friday morning in Asia but hovered close to a four-month high. Meanwhile, investors remain in anticipation of the United States’ Federal Reserve’s timeline for its asset tapering and interest rate hikes.
The U.S. Dollar Index that measures the greenback against other major currencies tallied a 0.08% crash to 92.968 by 11:27 PM ET (3:27 AM GMT).
The USD/JPY pair gained 0.02% to 110.41.
The AUD/USD pair jumped 0.10% to 0.7341, while the NZD/USD pair climbed 0.09% to 0.7006.
The USD/CNY pair remained at 6.4783, and the GBP/USD pair increased 0.04% to 1.3810.
Meanwhile, hopes are up on an asset tapering announcement by the end of June despite Fed Chairman Jerome Powell’s most recent dovish comments.
The consumer price index released this week that showed a peak in inflationary pressures was seen to push the Fed to start reducing its bond purchases.