NEW YORK, Nov. 21 (Xinhua) — The U.S. dollar gained in late buying and selling on Tuesday, after the Federal Open Market Committee (FOMC) launched the minutes of its assembly ending Nov. 1.
The dollar index, which measures the buck towards six main friends, elevated 0.13 % to 103.5696 in late buying and selling.
The synopsis of the assembly, performed from Oct. 31 to Nov. 1, indicated that members of the FOMC remained involved about the potential of persistent or elevated inflation, suggesting the potential necessity for additional actions.
“In discussing the policy outlook, participants continued to judge that it was critical that the stance of monetary policy be kept sufficiently restrictive to return inflation to the Committee’s 2 percent objective over time,” the minutes mentioned.
The minutes did not trace at any deliberation amongst members concerning the timing of initiating charge reductions, a sentiment that was echoed in Fed Chair Jerome Powell’s press briefing after the assembly.
“The fact is, the Committee is not thinking about rate cuts right now at all,” Powell mentioned throughout his press convention on Nov. 1.
“The overall tone of the FOMC minutes was cautiously hawkish – the commitment to remaining in restrictive territory for ‘some time’ was the clearest takeaway,” mentioned Ian Lyngen, strategist with BMO Capital Markets.
All three main U.S. stock indexes have been decrease, whereas the U.S. dollar rose additional after the minutes, reaching a recent every day excessive.
In late New York buying and selling, the euro fell to 1.0915 {dollars} from 1.0946 {dollars} within the earlier session, and the British pound rose to 1.2540 {dollars} from 1.2510 U.S. {dollars} within the earlier session.
The U.S. dollar purchased 148.3330 Japanese yen, greater than 148.3030 Japanese yen of the earlier session. The U.S. dollar fell to 0.8838 Swiss francs from 0.8843 Swiss francs, and it fell to 1.3699 Canadian {dollars} from 1.3722 Canadian {dollars}. The U.S. dollar elevated to 10.4590 Swedish kronor from 10.4398 Swedish kronor.