US dol­lar low­ers ahead of Fed meet­ing min­utes

The China Post - - BUSINESS INDEX & -

The U.S. dol­lar broadly weak­ened on Wed­nes­day be­fore the re­lease of min­utes from the U.S. Fed­eral Re­serve’s last meet­ing, which in­vestors hope will of­fer fresh clues about the tim­ing for an in­ter­est rate hike.

In Tokyo, the green­back traded at 124.32 yen, slip­ping from 124.38 yen in New York late Tues­day.

The euro edged up to US$1.1051 and 137.39 yen from US$1.1029 and 137.19 yen in U.S. trade.

The U.S. dol­lar was mostly weaker against other Asia-Pa­cific cur­ren­cies.

It slipped to 46.27 Philip­pine pe­sos from 46.36 pe­sos on Tues­day, to 1,183.54 South Korean won from 1,185.03 won, and to 65.24 In­dian ru­pees from 65.31 ru­pees.

The U.S. unit also weak­ened to SG$1.4035 from SG$1.4079 and to 13,838 In­done­sian ru­piah from 13,839 ru­piah.

The Aus­tralian dol­lar edged down to 73.33 U.S. cents from 73.63 cents, while the Chi­nese yuan fetched 19.41 yen against 19.42 yen.

Mar­ket were eye­ing the Fed min­utes, due later Wed­nes­day, to see if they back up grow­ing ex­pec­ta­tions of a rate hike as early as next month. The U.S. dol­lar will likely get a boost if the min­utes sug­gest a rate rise is around the cor­ner.

“The min­utes are likely to sug­gest what traders have known from the ac­tual meet­ing it­self,” Vyanne Lai, an economist at Na­tional Aus­tralia Bank, told Bloomberg News.

“There aren’t too many im­ped­i­ments in the near term to pre­vent the lift-off of U.S. rates.”

The Thai baht was marginally stronger at 35.62 against the U.S. dol­lar, a day af­ter slump­ing to a fresh six-year low of 35.64 in the wake of a deadly Bangkok bomb­ing that killed 20 peo­ple and wounded more than 120.

The bomb­ing at a shrine pop­u­lar with for­eign visi­tors threat­ened to dam­age Thai­land’s cru­cial tourism in­dus­try.

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