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Dollar pares gains as some Fed officials show caution on growth - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The US dollar pared its gains on Wednesday after minutes from the Federal Reserve’s July meeting showed that Fed officials are concerned the US central bank could raise rates too far as part of its commitment to get inflation under control.

The dollar index fell to 106.39 after the meeting minutes were released, before rebounding back to 106.55, up 0.09% on the day.The dollar index fell to 106.39 after the meeting minutes were released, before rebounding back to 106.55, up 0.09% on the day.

It comes after Fed Chairman Jerome Powell said at the July meeting that the impact of Fed rate increases to date is still building in the economy, and depending on how inflation responds in coming months that could allow the central bank to begin to slow the pace of rate increases. The size of the Fed’s next expected rate hike is expected to depend on consumer price inflation and jobs data for August, which will be released before its September meeting.

The Australian dollar fell 1.23% as concerns about Chinese demand for commodities including iron ore dented the appeal of the currency.

 

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