News Column

Dollar Pauses As Fed Plans October QEUR3 Exit

July 9, 2014

WASHINGTON (Alliance News) - The dollar was little changed Wednesday as traders weighed the minutes of the Federal Reserve's June meeting.

The Federal Reserve plans to completely unwind its asset purchase plan in October as long the economy continues to pick up, the minutes of its June meeting reveled Wednesday.

The Federal Open Market Committee has reduced bond purchases by USD10 billion at each meeting since December, and will end by cutting USD15 billion in October.

The dollar held near its lowest in five years versus the sterling, wobbling around USD1.7120.

A third day of choppy dealing left the dollar at USD1.3620 versus the euro. The pair has been stuck near that mark despite this week's disappointing German trade data.

Modest gains took the dollar to Y101.75 versus the yen, having seen almost no movement over the past few months.

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Source: Alliance News

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