US dollar slumps after Fed minutes

US dollar slumps after Fed minutes

New York, Aug 19 (IANS) The US dollar fell against other major currencies as investors were digesting the newly-released Federal Reserve minutes for its July policy meeting.

In late New York trading on Thursday, the euro rose to $1.1354 from $1.1291 of the previous session, and the British pound climbed to $1.3152 from $1.3056, Xinhua news agency reported.

The Australian dollar went up to $0.7690 from $0.7647.

The dollar bought 99.95 Japanese yen, lower than 100.21 yen in the previous session. The dollar fell to 0.9552 Swiss francs from 0.9618 Swiss francs, and it inched down to 1.2772 Canadian dollars from 1.2848 Canadian dollars.

The dollar index, which measures the greenback against six major peers, was down 0.59 per cent at 94.159 in late trading, the lowest level in seven weeks.

Fed officials were divided on the timing of raising interest rates this year, with some urging to go soon given the robust labor market and others preferring to wait until the inflation meets target, showed the minutes for the central bank’ s latest meeting released on Wednesday.

“Some participants viewed recent economic developments as indicating that labor market conditions were at or close to those consistent with maximum employment and expected that the recent progress in reaching the committee’s inflation objective would continue, even with further steps to gradually remove monetary policy accommodation,” said the minutes.

It also showed that “several preferred to defer another increase in the federal funds rate until they were more confident that inflation was moving closer to 2 per cent on a sustained basis.”

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of or any employee thereof. is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here