us dollar banknote is seen in this illustration taken july 17 2022 reutersdado ruvicillustration singapore aug 18 reuters  the dollar was on the front foot on thursday after minutes from the federal reserves july meeting pointed to us interest rates staying higher for longer to bring down inflation the greenback gained most against the antipodeans especially the aussie which was dragged down as weakerthanexpected wage growth weighed on australias interest rate outlook the australian dollar fell 12 overnight and on thursday hovered at 06930 just above wednesdays oneweek low of 06912 and the 50day moving average at 06923 the new zealand dollar also fell losing nearly 1 to unwind an initial jump after the central bank hiked interest rates and steepened its projected ratehike track the greenback rose against the yen and sterling and was steady on the euro the bigger picture for the dollar is that its in a strong uptrend said matt simpson a senior analyst at brokerage city index in brisbane adding it has now paused a weekslong pullback in some ways bulls are looking to step back in and i think the fed minutes gave them a reason to do so the dollar rose 06 on the yen overnight and held at 13490 yen on thursday the euro bought 10184 the us dollar index was steady at 106570 federal reserve officials saw little evidence late last month that us inflation pressures were easing the minutes showed the minutes flagged an eventual slowdown in the pace of hikes but not a switch to cuts in 2023 that traders until recently had priced in to interestrate futures read more once a sufficiently restrictive level has been reached they are going to stick to that level for some time rabobank strategist philip marey said in a note to clients this clearly stands in contrast to the early fed pivot that the markets have been pricing in traders see about a 36 chance of a third consecutive 75 basis point federal reserve rate hike in september and expect rates to hit a peak around 37 by march and to hover around there until later in 2023 sterling also slid overnight after doubledigit inflation focused investors concerns on recession risk britains consumer price inflation rose to 101 in july its highest since february 1982 official figures showed and after a brief blip higher sterling fell 04 to 12050 it also dropped below its 200day moving average against the euro read more do we get weaker sterling now ahead of the inevitable recession or will sterling hold around here until rates peak and the economic disaster can dominate asked societe generale strategist kit juckes in a note i am confident that we will make a new cycle low this year he said