Dollar solidly poised near 3-month high after Fed minutes reaffirm taper timeline

The dollar traded near its highest in three months versus major peers on Thursday after minutes of the Federal Reserve’s June policy meeting confirmed the world’s biggest central bank is moving toward tapering its asset purchases as soon as this year.The dollar index, which measures the greenback against six rivals, edged up to 92.759 after touching 92.844 overnight for the first time since April 5.Fed officials said substantial further progress on economic recovery “was generally seen as not having yet been met,” although participants expected progress to continue and agreed they must be ready to act if inflation or other risks materialize, according to the minutes of the Federal Open Market Committee (FOMC)’s June policy meeting released Wednesday.

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