Greenback struggles as Fed minutes dampen hopes
The U.S. dollar was under pressure against the yen and euro in Asia Thursday after surprisingly bearish minutes from the U.S. Federal Reserve’s last meeting dampened hopes for an imminent interest rate hike.
In Tokyo, the U. S. dollar bought 124.04 yen, up from 123.89 yen in New York, but well down from 124.32 yen in Asian trading on Wednesday before the minutes’ release.
The euro t i cked up to US$1.1124 and 137.98 yen, from US$1.1121 and 137.78 yen in U.S. trade, winning support from news that European finance ministers formally approved Greece’s 86 billion euro bailout.
The long-debated bailout accord goes far beyond economic management to include an extensive overhaul of Greece’s health and social welfare systems, plus its business practices and public administration.
The against rencies.
It strengthened to 46.34 Philippine pesos from 46.27 pesos on Wednesday, to 1,185.17 South Korean won f r om 1,183.54 won, and to 13,845 Indonesian rupiah from 13,838 rupiah.
The greenback slipped to SG$ 1.4026 from SG$ 1.4035, and to 65.19 Indian rupees from 65.24 rupees. U.S. dollar was mixed other Asia-Pacific cur-
The Thai baht was stronger at 35.54 against the dollar from 35.62 a day earlier. The currency slumped on Tuesday to a fresh six-year low of 35.64 in the wake of Bangkok’s deadly bombing, which threatened to damage Thailand’s crucial tourism industry.
The Australian dollar edged up to 73.45 U. S. cents from 73.33 U.S. cents, while the Chinese yuan fetched 19.36 yen from 19.41 yen.