FOMC minutes in focus to gauge US interest rate outlook

Daily Currency Update

The US dollar predominantly traded within a narrow range this morning against a basket of currencies, with its value still under pressure due to cautious remarks from the Federal Reserve. Traders are eagerly anticipating the release of the central bank's policy meeting minutes later in the day, hoping for additional insights into the Fed's stance on future interest rate increases.

A series of statements from various Federal Reserve officials over the past few days have suggested that the central bank may not need to implement as many interest rate hikes as previously anticipated.