The dollar inched up on Thursday but struggled to make bigger gains as the boost from a still hawkish Federal Reserve was tempered by investors' growing appetite for riskier assets, driven by China's reopening.
overnight showed while officials agreed that the central bank should slow the pace of aggressive interest rate increases, they remained focused on curbing inflation, and were worried about any "misperception" in financial markets that their commitment was flagging.on Wednesday he saw the Fed's target interest rate peaking at 5.4%, higher than current market expectations of just under 5%.
The greenback gained some ground on Thursday after a muted reaction to the Fed's hawkish rhetoric overnight, with sterling last 0.16% lower at $1.2039, after rising 0.76% in the previous session.Against a basket of currencies, the U.S. dollar index edged 0.06% higher to 104.27, after sliding 0.5% on Wednesday.
"The minutes were largely within expeectations -- no cuts expected , that's what the dot plot was already pricing," said Christopher Wong, a currency strategist at OCBC.Effects of the Fed's aggressive rate hikes last year have already been felt in the U.S. economy, with a
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