Dollar weakens slightly

Dhaka,  Sun,  24 September 2017
Published : 17 Aug 2017, 13:00:21

Dollar weakens slightly after Fed minutes

Dollar weakens slightly
The US dollar was on the defensive on Thursday after the minutes from the Federal Reserve's last policy meeting showed policymakers were increasingly wary of recent softness in inflation and could delay a rate hike.

The dollar stepped back to 109.84 yen, down 0.3 per cent from late US trade and down more than a full yen from Wednesday's high of 110.95.

The dollar's index against a basket of six major currencies slipped to 93.39 from Wednesday's three-week high of 94.145, reports Reuters.

Money market futures are pricing in about a 40 per cent chance the Fed will raise rates by December, compared to just under 50 per cent before the Fed's minutes.

The euro gained 0.1 per cent in early Asian trade to $1.1780, recovering from the previous day's low of $1.1681, its lowest level in nearly three weeks.

The euro held firmer against sterling, fetching 91.335 pence, just under its Oct 11 high of 91.405, which is the highest level since 2009 except for a few moments during the pound's flash crash on Oct 7.

The Canadian dollar had gained more than 1.0 per cent on Wednesday and last stood at C$1.2612 to the dollar, having hit a near two-week high of C$1.2605 earlier in the day.

The Australian dollar stood at $0.7933, maintaining Wednesday's 1.3 per cent gain, its biggest daily rise in about a month.

The US dollar was also undermined by worries over US President Donald Trump's ability to implement his economic policies after he disbanded two high-profile business advisory councils.
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