The dollar held gains versus most of its major peers as a rebound in equities provided a reprieve from recent market turmoil.
A gauge of the U.S. currency climbed for a fourth day Tuesday as stocks rose, with the Standard & Poor’s 500 Index posting the best two-day gain in more than five months. Minutes of the Federal Reserve’s January meeting are due Wednesday. New Zealand’s dollar remained weaker following a 1 percent plunge on Tuesday after the average price of whole milk powder fell at auction.
“The dollar is broadly bought and so is the yen, so risk sentiment hasn’t fully recovered in currency markets,” said Yasuhiro Kaizaki, vice president for global markets at Sumitomo Mitsui Trust Bank Ltd. in New York. “Improved U.S. data are needed to refuel expectations for Fed rate increases.”
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