Dollar edges back from 18-month high after FOMC minutes

The dollar held near its strongest level in a year-and-a-half in subdued trading at the start of the Asian session on Thursday, after hawkish minutes from the Federal Open Market Committee signaled policymakers at the US central bank viewed inflation as the biggest risk to their outlook. The dollar index, which measures its strength against a basket of six currencies, was steady at 102.23 after rising 0.3% on Wednesday.

The dollar index has maintained its position as hawkish Fed minutes emphasize inflation as a major concern. Recent interest rate hikes by the Federal Reserve have been met with caution regarding future increases. Meanwhile, the US dollar's performance varied against other currencies, influenced by Japan's positive current account surplus report.

Summarised by Agaah from ET Markets. Agaah aggregates 36 sources and removes duplicate coverage — all news, one place.