The dollar edged higher against a basket of currencies yesterday as the markets looked ahead to the minutes from the Federal Reserve’s June meeting, which will be released later today.
Investors will be looking out for any signs that the Fed could taper monetary policy and raise interest rates earlier than expected. A ‘positive’ or ‘hawkish’ tone to the meeting minutes will be hoped for.
Data released yesterday showed that US service industry activity grew at a moderate pace in June, possibly due to labour shortages.
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