Dollar consolidates as Fed urges patience; markets await meeting minutes
TOKYO - The dollar was steady against a handful of peers on Wednesday, as the market assessed calls for patience from Federal Reserve officials and awaited the publication of Fed minutes for more insight on the central bank's path.With little to drive the market in terms of economic data this week, major currencies continued to move in a tight range.
Fed Governor Christopher Waller said overnight that he would need to see several more months of good inflation data before he would be comfortable supporting an easing in the stance of monetary policy.Still, Waller's comments gave the market little new to go on, said Kyle Rodda, senior financial market analyst at Capital.com.
Fed Chair Jerome Powell, in his press briefing after the Fed held rates steady at that meeting, ruled out rate hikes. Economists polled by Reuters say the data will probably show headline inflation slowed sharply to 2.1% in April, although the Bank of England thinks it will speed up again to around 2.6% later this year.Against the yen, the dollar was flat at 156.20, as traders took a breather from testing the currency pair.
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