Greenback rebounds ahead of Fed gathering minutes

Greenback rebounds ahead of Fed gathering minutes

On Wednesday, the evergreen buck rebounded, thus snapping three weeks of dives as market participants looked ahead to the minutes of the Fed’s December gathering later in the day.

Assessing the greenback’s value versus a trade-weighted basket of six key currencies, the US dollar index ascended 0.19% hitting 91.73, drifting away from Tuesday’s three month minimums of 91.47.

The US dollar index concluded 2017 down 9.8%, which appears to be the biggest annual percentage sag since 2003.

The US currency sank in 2017 because the global economy gained momentum driving hopes for tighter monetary policy in other countries that would lessen the divergence between the Federal Reserve and other major financial institutions.

The common currency dived after a soar spurred by hopes that the European Central Bank is going to start winding down its stimulus program later in 2018. The currency pair EUR/USD lost 0.27% hitting 1.2026.

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