Dollar Edges Off Highs Ahead of Release of Fed Minutes By Investing.com

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By Peter Nurse Investing.com - The dollar edged lower in Europe Wednesday, but remained at elevated levels with global growth concerns, caused by the ongoing Covid outbreak, prompting traders to cut back on their positions with riskier currencies. At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% lower at 93.093, just below the one-week high it hit on Tuesday. edged higher to 109.59, was 0.1% higher at 1.1719, after falling to 1.1702 in the Asia session, its lowest since November 2020, while was largely unchanged at 1.3744, despite U.K. slowing more sharply than expected to 2.0%, the Bank of England’s target, in July. The dip in U.K. inflation is likely to be temporary, analysts said, pointing to sharp rises in household energy bills this year and sustained pressure on supply chains. "There’s little doubt that headline CPI will go well above 3% later this year," said ING economist James Sm
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