The dollar hit a two-week low versus a basket of currencies on Thursday, after minutes from the U.S. Federal Reserve’s last meeting prompted markets to push out expectations for the likely timing of an interest rate rise.
The dollar index fell 0.1 percent to 85.174. It slipped to 85.143 at one point, its lowest level since late September, pulling away from a four-year peak of 86.746 hit on Friday. Against the yen, the dollar slipped 0.2 percent to 107.91 yen, nearing Wednesday’s three-week low of 107.75 yen and well away from a six-year high of 110.09 set last week.
“Last week it was a pretty clear-cut buy the dollar scenario, but this week…we’re seeing a lot of two-way action,” said Stephen Innes, senior trader for OANDA in Singapore. Earlier on Thursday, there was some dollar buying interest from retail traders at levels above 108 yen, Innes said.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.