Greenback drops as Fed minutes show scant support for near-term lift

August 18, 2016

On Thursday, the greenback hit a seven-week minimum against a basket of key currencies, after minutes from the Federal Reserve's July gathering demonstrated policy committee members opposed to a near-term rate lift outperformed those who wanted one.

The minutes published on Wednesday disclosed several policymakers’ statement pointing out to a slowdown in the future pace of hiring would argue against a near-term rate lift even as members of the rate-setting Federal Open Market Committee were mostly upbeat regarding the American economic outlook.

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

The minutes disappointed those who had bet that the US major bank could be more hawkish, after on Tuesday, New York Fed chief William Dudley informed that the Fed could probably increase interest rates already in September.

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