The
dollar fell after minutes from the Federal Reserve’s latest policy
meeting led traders to reduce bets that the central bank will increase
interest rates in September.
Most
meeting participants “judged that the conditions for policy firming had
not yet been achieved, but they noted that conditions were approaching
that point,” according to minutes of the July 28-29 Federal Open Market
Committee session, released Wednesday in Washington.
The Bloomberg Dollar Spot Index fell 0.4 percent to 1,206.87 as of 2:16 p.m. New York time.
Futures
show traders see about a 38 percent probability the Fed will raise its
benchmark rate at its Sept. 16-17 meeting, based on the assumption that
the effective fed funds rate will average 0.375 percent after the first
increase. That’s down from 50 percent before the minutes were released.
The Fed has kept its key rate in a range of zero to 0.25 percent since
December 2008.
Source : Bloomberg
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