US dollar rises amid Fed minutes

The US dollar climbed against most other major currencies as investors digested the Federal Reserve's minutes from its September meeting.

In late New York trading on Wednesday, the euro fell to $1.1013 from $1.1052 in the previous session, and the British pound increased to $1.2191 from $1.2126 in the previous session, Xinhua news agency reported.

The Australian dollar rose to $0.7565 from $0.7543.

The US dollar bought 104.26 Japanese yen, higher than 103.34 yen of the previous session. The US dollar rallied to 0.9905 Swiss franc from 0.9885 Swiss franc, and it moved up to 1.3252 Canadian dollars from 1.3250 Canadian dollars.

According to the minutes released in the afternoon, policy makers generally agreed that the case for an increase in the policy rate had strengthened.

"The Committee agreed that, in determining the timing and size of future adjustments to the target range for the federal funds rate, it would assess realized and expected economic conditions relative to its objectives of maximum employment and 2 per cent inflation," the minutes said.

On the Fed's September policy meeting, the US central bank kept its federal funds rate unchanged, but signalled that Fed could have one rate hike by the end of this year.

On the economic front, the number of job openings decreased to 5.4 million on the last business day of August, the US Labor Department reported Wednesday.

The dollar index, which measures the greenback against six major peers, was up 0.22 per cent at 97.902 in late trading.

--IANS

pgh/