US Dollar Index inches upwards

U.S. Dollar Index today edged up to 93.88 level. The index rose against the basket of major currencies in Asia after posting a new high this year on Monday.

Dollar climbed higher due to the successful negotiation of trade between two world’s major economies i.e. USA and China.

Dollar remains in the green region, between the ranges of 93.44 – 93.90.

According to the report of Reuters, Markets are also awaiting Federal Reserve’s minutes that will come on Thursday in Asia to look on cues for rate hikes. Also, the dollar was supported by 10- year treasury yield that hit 3 percent recently and in anticipation of interest rate hike.

The most awaited Federal Reserve’s minutes also drove the dollar upwards. The primary cause for which being the Federal Reserves’ decision to keep the rates unchanged in the last FOMC meeting. Fed officials continue to eye the inflation amid economic growth.

Federal Reserve has set a target of 2 percent for inflation. Market anticipated the economy to touch the inflation rate, consequently pushing the rates upwards.