Sat, 01 Apr 2023

U.S. dollar slips after Fed minutes

05 Jan 2023, 07:05 GMT+10

NEW YORK, Jan. 4 (Xinhua) -- The U.S. dollar declined in late trading on Wednesday as market participants digested the Federal Reserve's latest meeting minutes.

The dollar index, which measures the greenback against six major peers, dipped 0.25 percent to 104.2430.

In late New York trading, the euro rose to 1.0605 U.S. dollars from 1.0566 dollars in the previous session, and the British pound climbed to 1.2060 U.S. dollars from 1.1988 dollars.

The U.S. dollar bought 132.58 Japanese yen, higher than 130.76 Japanese yen of the previous session. The greenback decreased to 0.9295 Swiss francs from 0.9351 Swiss francs. The U.S. dollar fell to 1.3452 Canadian dollars from 1.3659 Canadian dollars, and it weakened to 10.5026 Swedish Kronor from 10.5450 Swedish Kronor.

The Fed's December meeting minutes released on Wednesday showed that the central bank will remain aggressive in raising rates to tame inflation.

"Participants generally observed that a restrictive policy stance would need to be maintained until the incoming data provided confidence that inflation was on a sustained downward path to 2 percent, which was likely to take some time," read the minutes.

Last month, the Fed raised interest rates by 50 basis points, after announcing four straight 75 basis point hikes at its previous meetings, in an attempt to bring inflation under control.

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