The Australian and New Zealand dollars were volatile in Asia on Wednesday, before ending up back near where they started, providing some excitement ahead of the release of minutes of the U.S. Federal Reserve's latest meeting later in the day.
The kiwi jumped to as high as $0.6383 after the Reserve Bank of New Zealand hiked rates by an expected 50 basis points and pointed to the need to bring forward the timing of future rate increases.Register now for FREE unlimited access to Reuters.com"It was marginally on the hawkish side, enough to keep the pressure on rates," said Jason Wong, senior market strategist at BNZ, who said the track for the official cash rate implied another 50 bps hike in October.
The index has recovered most of the ground it lost last week after a cooler-than-expected U.S. inflation reading but remains well off its mid-July top of 109.29. "So if there are things in the minutes that push back against that notion, and that leads to a repricing of the U.S. rate curve for 2023, that could be a catalyst for a reversal of the U.S. dollar weakness that has characterised this last month or so."
The euro was steady at $1.0180 after squeezing out small gains overnight, and sterling was last fetching $1.21225, up 0.2% ahead of inflation data that is expected to be red hot.
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