Dollar Maintains Support As Traders Eye Fed

The dollar was higher against its primary trading partners on Wednesday as traders prepared themselves for announcements coming from the Federal Reserve’s latest policy meeting which took place near the end of January. The minutes are expected to provide hints as to where Federal Reserve policy will be heading in the near term. The greenback was trading at 107.71 yen, up 0.39 percent, as it inched away from three-year lows. It was also higher against the euro, trading at $1.2327 as of 3:17 p.m. HK/SIN. The dollar index was up to 89.76 .DXY.

The continued strengthening of the dollar weighed on gold prices, sending the metal down 0.11 percent to $1,329.80 per ounce. Silver, platinum and copper prices were also lower on Wednesday afternoon. Oil prices were also lower, with U.S. WTI futures trading down 50 cents per barrel to $61.29 and Brent crude futures down 38 cents per barrel to $64.87.

The United States was also the subject of much criticism on Wednesday after a final version of the landmark Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) was released without U.S. participation. The agreement, aimed at replacing the former TPP agreement that President Trump withdrew from in early 2017, is expected to be confirmed by the 11 remaining countries on March 8. The agreement has been noted as a critical measure against U.S. protectionism, with the hope that President Trump would eventually agree to re-enter the deal. Trump told the World Economic Forum in Davos last month that he would consider reintegration if the U.S. received a “better deal.”