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<\/p>\nBy TraderVox.com
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\n\tTradervox.com (Dublin) – The US dollar dropped against most of its major peers after the Federal Open Market Committee meeting minutes showed that majority of the members are willing to step up and make record stimulus if the data coming in from the US does not indicate growth in the economy. The greenback dropped for the fourth day as Charles Evans, the Federal Reserve Bank of Chicago President, insisted on his case for additional monetary easing. The US currency slid to seven-week low against the euro after the minutes were released. Euro’s advance was limited as the market is waiting for the release of the purchasing managers’ indexes for services and manufacturing for the region.<\/p>\n
\n\tHans Kunnen, the Chief Economist in Sydney at St. George Bank Ltd, said the FOMC meeting minutes and the speculation of third round of quantitative easing have led to the dollar’s decline. He also noted that the FOMC minutes have a bigger effect on the euro-dollar pair than the PMIs from euro area; hence he expects a strong euro despite the PMIs. Similarly, Steven Saywell, a Currency Strategist at BNP Paribas SA in London said that the minutes were dovish and consistent with the market speculation. He added that the dollar weakness will continue through the Asia trading session. John Silvia, the Chief Economist in Charlotte at Wells Fargo Securities LLC indicated that the Fed is closer to making QE3, but was quick to add that this might happen in October rather than September.<\/p>\n
\n\tThe dollar has dropped by 0.1 percent against the euro to trade at $1.2539 during the Tokyo trading session; it had earlier touched $1.2553, the weakest it has been since July 4. The dollar was little changed against the yen, trading at 78.55 after the release. The euro increased against the yen to trade at 98.51, after dropping by 0.4 percent to exchange at 98.45 yesterday. This is the currency’s biggest drop since August 10.<\/p>\n
\n\tDisclaimer<\/strong><\/span><\/u> Article provided by TraderVox.com<\/a><\/u><\/strong> By TraderVox.com Tradervox.com (Dublin) – The US dollar dropped against most of its major peers after the Federal Open Market Committee meeting minutes showed that majority of the members are willing to step up and make record stimulus if the data coming in from the US does not indicate growth in the economy. The greenback … <\/p>\n
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