Currency Buzz: Dollar Index Consolidates Above 106 Mark Ahead Of Fed Minutes

17 Aug 2022 , 01:56 PM

The dollar index is seen consolidating above 106 levels on Wednesday, awaiting release of the minutes of the Federal Open Market Committee for further cues regarding interest rates. The dollar index that measures the greenback against a basket of currencies was quoting up 0.14% at 106.54 while US benchmark treasury yields were holding above 2.8%. Meanwhile, dollar also gained impetus from safe haven demand amid worsening economic data reinforcing possibility of a global recession. Strength in the greenback weighed on euro as well as pound that stayed close to the flat line. EUR/USD was down marginally at $1,01 while GBP/USD was at $1.20. Powered by Commodity Insights