The U.S. dollar held firm on Wednesday, with investors on tenterhooks before the release of minutes of the Federal Reserve's latest policy meeting which could offer clues on the outlook for inflation and the pace of interest rate hikes.
The dollar index , which measures the currency against a basket of six counterparts including the yen, the euro and sterling, was last trading at 107.110, having slipped 0.65% overnight.
The New Zealand currency spiked to flirt with a three-month high of $0.6207, and was last up 0.47% at $0.6173. The central bank also warned that the economy might have to spend an entire year in recession to bring inflation under control. "The imposition of new restrictions near-term undoubtedly will have a negative economic impact, but at least for now the market seems to focus on the fact that over the medium term China is looking to gradually move towards a strategy of living with COVID," said Rodrigo Catril, a currency strategist at National Australia Bank.
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