Dollar index rebounds to 2-week high ahead of FOMC minutes

The dollar index is recovering ground near a 2-week high above 97 mark on Wednesday morning in Asia ahead of FOMC minutes due later in the global day. All eyes are glued to the minutes that could offer some hints about how Fed officials view the US economy and give insight into the interest rate path. Meanwhile, concerns of tariff led inflation is also reducing bets of a near term rate cut and keeping the green back supported. The yield on the US 10-year Treasury note held above 4.4% on Wednesday after rising for five straight sessions, as investors evaluated the latest tariff measures unveiled by President Donald Trump.US President Donald Trump reportedly stated that he will impose a 50% tariff on imported copper and suggested more steep sector-specific levies are on the way. Trump also said he would soon announce tariffs at a very, very high rate, like 200% on pharmaceutical imports. The dollar index that measures the greenback against a basket of currencies is quoting at 97.25, up 0.08% on the day. Among basket currencies, EURUSD and GBPUSD are marginally lower in tune with dollar gains and quoting at $1.1770 and $1.3595 respectively.

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