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Forex News: Dollar Little Changed After Fed Minutes Released

Dollar Little Changed After Fed Minutes Released

10/11/2017 - 15:09:00 (RTTNews)

(RTTNews) - The dollar remains little changed against its major European rivals following the release of the minutes from the most recent meeting of the Federal Reserve, but has pared its gains against the Japanese Yen.

A number of Federal Reserve officials want more confidence about higher inflation before supporting another rate-hike, the minutes of the central bank's September meeting show.

While some say waiting for inflation to hit the central bank's 2% target before further interest rate hikes would be a mistake, others are urging "patience," putting a December rate hike in doubt.

The Fed has raised interest rates twice in 2017, but their most recent projections called for a third by year's end. However, inflation is not cooperating as of yet.

The dollar has dropped to a 2-week low of $1.1850 against the Euro Wednesday afternoon, from an early high of $1.1794.

Eurozone house prices increased at a steady pace in the second quarter, Eurostat reported Wednesday. House prices increased 3.8 percent year-on-year in the second quarter, the same rate as seen in the first quarter.

The buck has retreated to around $1.3215 against the pound sterling this afternoon, from an early high of $1.3174.

The greenback reached a high of Y112.584 against the Japanese Yen Wednesday, but has since eased back to around Y112.400.

Core machine orders in Japan jumped a seasonally adjusted 3.4 percent on month in August, the Cabinet Office said on Wednesday, coming in at 882.4 billion yen. That beat forecasts for an increase of 1.0 percent following the 8.0 percent spike in July.

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