LONDON—The dollar was heading towards a two-year high against a basket of major currencies on Thursday after meeting minutes showed the Federal Reserve preparing to move aggressively to fight inflation, while commodity-linked currencies fell further. The euro remained near a one-month low below $1.09 as investors await European Central Bank minutes due later. Minutes from the March Fed meeting published on Wednesday showed “many” participants were prepared to raise interest rates in 50-basis-point increments in coming months. They also prepared markets for a reduction in the Fed’s balance sheet after the May meeting at a rate of $95 billion per month, the beginning of the reversal of the massive stimulus it pumped into the economy after the COVID-19 pandemic struck. “That’s nearly twice as quick as was seen during the last balance sheet run-down during the 2017–19 cycle,” ING analysts said. “All of the above points to the Fed applying …