US dollar weakens amid Fed minutes

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IANS | 21 May, 2020
The US dollar declined in late trading on Wednesday as market participants digested the minutes from the Federal Reserve's latest policy meeting.

The dollar index, which measures the greenback against six major peers, dipped 0.26 per cent at 99.1250. Minutes released on Wednesday from Fed's April meeting showed deep concern about the economy.

"Participants judged that the effects of the coronavirus outbreak and the ongoing public health crisis would continue to weigh heavily on economic activity, employment, and inflation in the near term and would pose considerable risks to the economic outlook over the medium term," the minutes said, Xinhua reported.

The euro maintained strength after France and Germany jointly proposed that the European Commission borrow money on capital markets in the European Union's name and create a recovery fund to help the coronavirus-battered European economies and regions.

In late New York trading, the euro rose to $1.0984 from $1.0945 in the previous session, and the British pound decreased to $1.2230 from $1.2281 in the previous session. The Australian dollar increased to $0.6600 from $0.6567

The US dollar bought 107.48 Japanese yen, lower than 107.72 Japanese yen of the previous session. The US dollar fell to 0.9647 Swiss franc from 0.9709 Swiss franc, and it rose to 1.3891 Canadian dollars from 1.3886 Canadian dollars.