Dollar falls to lowest level in seven weeks

Views 25 Date 18/08/2016 - 15:49

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The dollar fell to its lowest level in seven weeks against the basket of major currencies on Thursday after he showed Committee of the Federal Reserve's monetary policy meeting minutes (US central bank) for the month of July split and policy makers on a rate hike in the near term.

Minutes of the meeting released on Wednesday shows that many of the authors of the monetary policies they said any slowdown in future in the pace of employment would interfere with any raising of interest rates in the near term despite the fact that members of the Open Market Committee of the Federal Reserve expressed optimism in general toward the US economic outlook.

The minutes of the meeting disappointed the hopes of the bet that the Fed will move to tighten monetary policy after the president of the Federal Reserve Bank of New York William Dudley said on Tuesday that the council may raise interest rates by September.

The dollar index was down against a basket of six major currencies to 94.385 points, its lowest level since June 24. It was another level of index at 94.514 points, and lost 1.1 percent since the beginning of this week with the receding prospects of raising interest rates this year in light of the continued inflationary pressures.

The euro rose 0.3 percent against the dollar to $ 1.1320 after reaching its highest level in seven weeks at $ 1.13285.

The dollar lost 0.4 percent against the Japanese currency is being traded at 99.85 yen, approaching this from the lowest level in seven weeks, which stood at 99.55 yen on Tuesday.

With the rise of the yen, a senior official warned on currency investors from pushing the yen to rise too fast, he said on Thursday that Japan would take appropriate action if excessive movements occurred in the currency market.

Sterling rose against the dollar to trade at $ 1.3065, with a focus on the retail sales data scheduled for publication at 0830 GMT. It is expected that the data show an increase of 0.2 percent in July after a sharp drop in June.

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