Greenback nurses losses against euro after Fed minutes quash hawks' hopes
On Friday, the evergreen buck wallowed close to eight-week minimums against the common currency during Asia trade. The major US currency braced for weekly losses, after minutes of the Fed’s July meeting disclosed that the major bank policymakers were in no hurry to lift rates.
The common currency tumbled 0.1% to $1.1348 , within sight of its overnight peak of $1.1366, the greatest high since June 24. The euro found itself on track to earn 1.7% for the week.
The dollar index, traditionally tracking the greenback’s strength against a basket of six key rivals, traded down 1.5% for the week, although it grew 0.1% on the day to 94.245. On Thursday, the greenback sank as low as 94.077, its deepest low since June 23.
The major American currency clawed back some losses against its Japanese rival, soaring 0.4% to 100.22 yen , although it was still down 1.1% for the week.
Fed officials pointed out that more economic data is required before lifting interest rates, though they were generally upbeat regarding the US economic outlook as well as labor market.