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The dollar was up, but remained below its recent highs, on Wednesday morning in Asia. Ripple effects from a crackdown in China and caution ahead of the U.S. Federal Reserve’s latest policy decision gave the safe-haven U.S. currency a boost, however.
The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.06% to 92.493 by 1:08 AM ET (5:08 AM GMT).
The USD/JPY pair inched up 0.03% to 109.80.
The AUD/USD pair inched down 0.09% to 0.7353 while the NZD/USD pair inched up 0.01% to 0.6955.
The USD/CNY pair inched down 0.05% to 6.5074 and the GBP/USD pair inched down 0.04% to 1.3868.
The Japanese yen rose about 0.5% against the dollar during the previous session to hit a one-week high, with the Swiss franc and euro also recording small gains. The trio held onto those gains as the Asian session opened, with the euro last trading at $1.1819, which capped gains for the U.S. currency.
Gold was up on Wednesday morning in Asia, remaining close to the key psychological $1,800 mark as investors await the U.S. Federal Reserve’s latest policy decision.
Gold futures were up 0.36% to $1,806.35 by 12:01 AM ET (4:01 AM GMT). The dollar inched up on Wednesday but remained below the three-and-a-half-month high reached during the previous week.
The Fed will hand down its decision later in the day, and Chairman Jerome Powell will speak at a press conference afterward. The decision and Powell’s comments will both be scrutinized for clues on the central bank’s timeline for asset tapering and interest rate hikes.
On the data front, data released on Tuesday said the U.S. Conference Board (CB) consumer confidence index for July was 129.1, its highest level in 17 months. The reading indicated that households’ spending plans are rising even amid inflationary pressures, indicating that the U.S. economy maintained its strong growth as the third quarter gets underway.
Oil rebounded in post-market trading after an industry report showed declining U.S. inventories.
Futures in New York edged up after closing 0.4% lower on Tuesday. Domestic crude supplies fell 4.73 million barrels last week, according to people familiar with data from the industry-funded American Petroleum Institute. Gasoline stockpiles declined 6.23 million barrels, the API said. The fuel supply drop would be the largest since March if U.S. government data confirms it Wednesday.
U.S. benchmark crude futures are poised for the second monthly drop since October with the delta variant interrupting a rebound in demand. Though global inventories are expected to tighten through the end of the year, new movement restrictions have dampened fuel consumption in some countries.
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