The
dollar fell as minutes from the Federal Reserve’s latest meeting showed
officials discussed how the strong U.S. currency was damping inflation
and exports.
The
greenback slumped versus all but one of its 16 major peers as the
release from the Sept. 16-17 gathering noted that the dollar has
“strongly appreciated” against emerging-market counterparts and climbed
versus currencies of commodity exporters and the main U.S. trading
partners. The Fed held rates near zero last month after slowing Chinese
growth roiled global markets in August.
An
appreciating dollar tends to restrain the U.S. economy by making
American products more expensive abroad, while keeping down inflation by
making imports less costly.
The
dollar fell 0.4 percent to $1.1277 per euro as of 3:28 p.m. in New
York. The Bloomberg Dollar Spot Index, which tracks the currency versus
10 of its major peers, lost 0.4 percent.
Money
has flooded into dollar assets over the past 12 months in anticipation
of the Fed’s first interest-rate increase in almost a decade. That’s
boosted the central bank’s trade-weighted broad dollar index to its
strongest since 2003.
Source: Bloomberg
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