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Forex, dollar steady as Fed waits minutes for clues on US rates

Forex, dollar steady as Fed waits minutes for clues on US rates

SINGAPORE/LONDON (Reuters) – The dollar was steady as minutes from the Federal Reserve's latest monetary policy meeting awaited for clues on the central bank's interest rate outlook.

Last week's U.S. data showed inflation was struggling to recover and led to a review of bets on the first central bank rate cut in March. Markets are now seeing a drawdown in June instead of March at the start of the year.

Minutes from the latest central bank meeting to be released this evening should provide clarity from a monetary perspective.

The dollar index was up 0.1% at 104.15 by 11 a.m., after falling 0.25% on falling government bond yields. [US/]

The euro was also down 0.1% at $1.0796.

Meanwhile, the pound lost 0.1% to $1.2609 after comments from Bank of England Governor Andrew Bailey, some way from a one-week high of $1.2668 yesterday.

Bailey said yesterday that he acknowledged investors were betting on interest rate cuts this year, but underlined signs that the British economy could recover from recession by the end of 2023.

(Translated by Chiara Scarciglia, Editing by Alessia Pe)

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