U.S. dollar falls on Fed tapering speculation
Last Updated:2013-08-21 10:01 | Xinhua
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The U.S. dollar fell against most of other major currencies Tuesday, hitting a six-month low against the euro amid speculation that the Federal Reserve will reduce its stimulus measures soon.

As no major economic data is due Tuesday, investors would be looking for any hints on Fed tapering plans from minutes of the Federal Open Market Committee's latest meeting, which were scheduled for release Wednesday.

Moreover, central bankers and policy makers will meet in Jackson Hole, Wyoming, from Thursday to Saturday to discuss economic situation and monetary policy.

Some Fed officials have indicated that the U.S. central bank was nearer to winding down its massive asset purchase programs following the improving July jobs data. The unemployment rate edged down to 7.4 percent in July from 7.6 percent of June.

Traders expected that the Fed would probably reduce its 85- billion-dollar monthly purchases of U.S. bonds at its Sept. 17-18 meeting.

In late New York trading, the euro gained to 1.3419 dollars from 1.3342 dollars of the previous session, and the British pound increased to 1.5677 dollars from 1.5657 dollars. The Australian dollar lost to 0.9093 dollars from 0.9125 dollars.

The dollar bought 97.22 Japanese yen, compared with 97.59 yen of the previous session. The dollar edged down to 0.9170 Swiss franc from 0.9234 Swiss franc, and it moved up to 1.0387 Canadian dollars from 1.0344 Canadian dollars.

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