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July 11, 2012
Dollar Drops Versus Commodity Currencies Amid Fed Speculation
The dollar weakened against currencies of commodity exporting nations amid speculation minutes of June’s Federal Open Market Committee meeting will show the central bank is moving closer to adding more stimulus.
The Australian currency gained 0.5 percent to $1.0247. New Zealand’s dollar rose 0.5 percent to 79.80 U.S. cents.
The Fed will release at about 2 p.m. the minutes of its meeting last month, when it expanded a program to cap borrowing costs by extending the maturities of securities in its holdings.
The central bank opens a two-day meeting on July 21.
Fed Chairman Ben S. Bernanke said after the June meeting policy makers are prepared to consider additional steps to spur growth and employment, including further asset purchases. The central banks lowered its forecasts for growth and raised its predictions for unemployment in each of the next three years.
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