THE US dollar pared gains over the week after President Trump’s U-turn on talks with North Korea’s leader, cancelling the upcoming Singapore summit meeting. Simultaneously, some downward pressure on the US dollar came after the release of Federal Open Market Committee (FOMC) minutes.
Though the minutes revealed a high probability of a rate hike in June, the market’s view of the overall tone is dovish as the Fed highlighted that it would tolerate inflation to overshoot, fuelling expectations that the Fed would drop the aggressive rate hike approach. Over the week, the US dollar gained 0.15% to 93.78.
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