Currency Buzz: Dollar Pauses Rally

23 Mar 2022 , 11:40 AM

The US dollar stayed lower in early Asia on Wednesday, pausing a rally as investors returned to equity markets denting some of the safe-haven appeal of the greenback. The U.S. Dollar Index that tracks the greenback against a basket of other currencies edged down to 98.40 in Asian hours. The benchmark 10-year US Treasury yields has jumped above 2.40% amid aggressive tightening stance by the Federal Reserve. The Federal Reserve (Fed) has announced seven interest rate hikes by the end of 2022. All focus is now turned to Fed Chair Jerome Powells speech on Wednesday. The speech is likely to dictate the action plan of elevating the interest rates. Meanwhile, investors continued to monitor the Russia-Ukraine war as ongoing peace talks failed to progress.

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