Traders await interest rate insights following recent dovish remarks from US central bank officials.
The greenback dipped to a two-week low against a basket of currencies, tracking a slide in US Treasury yields.
Atlanta Fed Bank President Raphael Bostic said on Tuesday the central bank did not need to raise borrowing costs any further, and Minneapolis Fed President Neel Kashkari followed with similar remarks later in the day. “The Fed is shifting away from further rate hikes, and its tightening bias too may be dropped by December,” said Thierry Wizman, Macquarie’s global FX and interest rates strategist.
“Any comments that are perceived to be slightly dovish, I think the unwind of yields can continue and that can weigh down on the US dollar more.”The Australian dollar rose to a roughly one-week high of US$0.6440 while the New Zealand dollar scaled a two-month top of US$0.6050, helped slightly by a report saying China is weighing new stimulus measures.
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