The
dollar touched the weakest level since October 2014 against the yen
after the release of minutes from the Federal Reserve’s March meeting,
when policy makers scaled back expectations for the pace of
interest-rate increases in 2016.
The
minutes shed more light on officials’ decision to keep rates unchanged
last month, after hiking from near zero in December. The account showed
policy makers debated an April rate hike, though several officials
advocated a cautious approach, partly amid worries that slowing world
growth could crimp the U.S. economy expansion.
The
U.S. currency plunged March 16 after Fed Chair Yellen said the dollar’s
two-year appreciation has weighed on inflation. The central bank also
released projections implying two quarter-point rate increases this
year, down from four forecast in December. The meeting dimmed the appeal
of bets that U.S. monetary policy would diverge from the stimulus
efforts of the Bank of Japan and the European Central Bank.
The
dollar fell 0.5 percent to 109.79 yen as of 5 p.m. in New York, after
touching 109.34. The greenback dropped 0.1 percent to about $1.14 per
euro, approaching the weakest since October.
Source: Bloomberg
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