Forex News: U.S. Dollar Advances After Fed Minutes

U.S. Dollar Advances After Fed Minutes

(RTTNews) - The U.S. dollar strengthened against its major counterparts in the New York session on Wednesday, following the release of the Federal Reserve's minutes from the October meeting.

The minutes showed that most policymakers suggested that a reduction in December would be irrelevant due to persistent inflation.

Fed officials stressed that monetary policy is not on a preset course.

The chances of a rate cut in December fell after the release of the minutes.

The greenback climbed to near 2-week highs of 1.1517 against the euro and 1.3043 against the pound. The currency is seen finding resistance around 1.12 against the euro and 1.23 against the pound.

The greenback advanced to a 9-day high of 0.8067 against the franc and a 10-month high of 157.18 against the yen. The currency may find resistance around 0.89 against the franc and 159.00 against the yen.

The greenback rose to near a 2-week high of 1.4065 against the loonie, near 5-week high of 0.6451 against the aussie and more than a 7-month high of 0.5590 against the kiwi. The next possible resistance for the currency is seen around 1.42 against the loonie, 0.62 against the aussie and 0.54 against the kiwi.

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