Dollar retreats ahead of Fed minutes, Bernanke

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Dollar retreats ahead of Fed minutes, Bernanke

The U.S. dollar fell on Wednesday, a day after a popular dollar index scored a three-year high, as investors awaited minutes of the Federal Reserve’s last policy meeting and a speech by Fed Chairman Ben Bernanke for further insight into the central bank’s time frame for slowing the pace of its monetary stimulus.

The ICE dollar index /quotes/zigman/1652083 DXY -0.54% , which measures the U.S. unit against six other major currencies, fell to 84.295 versus a level of 84.598 in North American trade late Tuesday.

The release of the minutes of the June 18-19 meeting of the Federal Open Market Committee at 2 p.m. Eastern and Bernanke’s speech after the close of Wall Street trading “could be key in either cementing or undermining market expectations with respect to the chances of Fed tapering the quantity of its monthly asset purchases in September,” said Jane Foley, senior currency strategist at Rabobank International.

Edited by: admin on 09/29/2016 - 21:41
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