U.S. dollar advances as Fed minutes support tapering speculation
Last Updated:2013-08-22 04:00 | Xinhua
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The U.S. dollar rose against major currencies Wednesday as minutes of the Federal Reserve's latest policy meeting signaled a likely reduction of its massive asset purchase programs this year.

The minutes of the Federal Open Market Committee (FOMC), the policy-setting arm of the Fed, showed broad support for Chairman Ben Bernanke's tapering timeline. The FOMC members were "broadly comfortable" with the plan to start trimming down its 85-billion-U. S. dollar per month bond buying later this year if the economy improves.

In the meantime, U.S. jobs data of July got better. The unemployment rate edged down to 7.4 percent from 7.6 percent in June.

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

On the U.S. economic front, existing-home sales rose strongly in July, increasing 6.5 percent to a seasonally adjusted annual rate of 5.39 million from a downwardly revised 5.06 million in June, according to the National Association of Realtors. The data beat market expectations.

In late New York trading, the euro lost to 1.3376 dollars from 1.3419 dollars of the previous session, and the British pound increased to 1.5698 dollars from 1.5677 dollars. The Australian dollar went down to 0.9025 dollar from 0.9093 dollar.

The dollar bought 97.75 Japanese yen, higher than 97.22 yen of the previous session. The dollar moved up to 0.9213 Swiss franc from 0.9170 Swiss franc, and it climbed to 1.0459 Canadian dollars from 1.0387 Canadian dollars.

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