Greenback hits near three-month high, Fed minutes released
The dollar notched up near its three-month high against other major currencies on Thursday following confirmation of the central bank’s move toward tapering its asset purchases as soon as this year. The decision was established after minutes of the Federal Reserve’s June policy meeting was posted yesterday.
The dollar index, which tracks the greenback against other counterparts, jumped to 92.759 after reaching 92.844 overnight for the first time since April 5.
The dollar was mostly flat at $1.17995 per euro close to its three-month high of $1.17815 as German data doubted the strength of Europe’s economic rebound.
Fed officials said further economic progress has yet to be met but participants of the meeting remain optimistic about the greenback’s performance. Officials also seek actions if inflation and other monetary risks surface.
The minutes showed participants thought conditions for curbing the bond-buying that supplies the market with cash would be met earlier than expected.