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U.S. dollar slumps after Fed minutes

Xinhua, August 19, 2016 Adjust font size:

The U.S. dollar fell against other major currencies on Thursday as investors were digesting the newly-released Federal Reserve minutes for its July policy meeting.

Fed officials were divided in July on the timing of raising interest rates this year, with some urging to go soon given the robust labor market and others preferring to wait until the inflation meets target, showed the minutes for the central bank' s latest meeting released on Wednesday.

"Some participants viewed recent economic developments as indicating that labor market conditions were at or close to those consistent with maximum employment and expected that the recent progress in reaching the committee' s inflation objective would continue, even with further steps to gradually remove monetary policy accommodation," said the minutes.

It also showed that "several preferred to defer another increase in the federal funds rate until they were more confident that inflation was moving closer to 2 percent on a sustained basis."

"Members generally agreed that, before taking another step in removing monetary accommodation, it was prudent to accumulate more data in order to gauge the underlying momentum in the labor market and economic activity," according to the minutes.

Analysts said the minutes failed to give out clear signals of Fed's next move, which continued to weigh on the greenback on Thursday.

The dollar index, which measures the greenback against six major peers, was down 0.59 percent at 94.159 in late trading, the lowest level in seven weeks.

In late New York trading, the euro rose to 1.1354 dollars from 1.1291 dollars of the previous session, and the British pound climbed to 1.3152 dollars from 1.3056 dollars. The Australian dollar went up to 0.7690 dollars from 0.7647 dollars.

The dollar bought 99.95 Japanese yen, lower than 100.21 yen in the previous session. The dollar fell to 0.9552 Swiss francs from 0.9618 Swiss francs, and it inched down to 1.2772 Canadian dollars from 1.2848 Canadian dollars. Enditem