Home Forex Dollar hits 7-week low as Fed minutes show scant support for rate rise

Dollar hits 7-week low as Fed minutes show scant support for rate rise

by Jonathan Adams

The dollar hit a seven-week low against a basket of major currencies on Thursday, after minutes from the Federal Reserve’s July meeting showed policymakers were divided on raising interest rates in the near term.

The minutes released on Wednesday showed several policymakers said a slowdown in the future pace of hiring would argue against a near-term hike even as members of the rate-setting Federal Open Market Committee were generally upbeat about the U.S. economic outlook.

They outnumbered board members who anticipated that economic conditions would soon warrant tightening policy.

The minutes disappointed those who had bet that the Fed could be more hawkish, after New York Fed chief William Dudley said on Tuesday that the Fed could possibly raise U.S. rates as soon as September.

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