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.

Important
This article is for information purposes only.
Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Related News

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Know more