The dollar gained against most of
its major peers before the Federal Reserve releases minutes of its
last meeting as investors weighed the timing of the first interest-rate
increase since 2006. The greenback gained 0.3% to $1.2633 per euro after
touching $1.2501 on October 3, the strongest since August 2012. It climbed 0.3%
to 108.39 yen from yesterday, after falling 1.6% in the past two sessions. The
yen was little changed at 136.94 per euro from yesterday, when it touched
136.56, the strongest since September 8.
The Fed, which meets October
28-29, is on track to end a program of stimulatory bond purchases this month. Futures’
trading shows a 45% likelihood that the U.S. central bank will raise rates to
0.5% or higher by the end of July. The target rate has been
maintained in a range of zero to 0.25% since 2008 to support the
economy. The U.S. economy is seen expanding 3.1%, compared with a 3%
pace forecast in July, the IMF said.
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