Asian equities rise, dollar sways as focus firmly on Fed minutes

Asian equities rose on Wednesday, while the dollar was on the back foot after a steep spike overnight, with investors keenly awaiting minutes from the Federal Reserve's most recent meeting to gauge the path forward for interest rates.

opened roughly 1% higher. Investors have pinned their hopes on a swift post-COVID era recovery in China after the country started dismantling strict curbs.

Minutes from the Fed's December meeting, when it cautioned rates may need to remain higher for longer, are due to be released later on Wednesday.Markets are pricing in rate cuts for late 2023, with fed fund futures implying a range of 4.25% to 4.5% by December. In the currency market, the euro was up 0.14% to $1.0561 in early Asian hours, not far off its three-week lows of $1.0519 it touched overnight. A surprise slowdown in German inflation rallied bunds and sent the common currency sliding.

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