U.S. dollar slides amid Fed minutes

U.S. dollar slides amid Fed minutes

The Australian bonds tilted slightly on the upside tracking similar movement in the U.S. Treasuries after the Federal Reserve policymakers remain largely divided over the inflation outlook of the country and the path of rate hikes in the economy.

The dollar has dropped to a 2-week low of USD1.1850 against the Euro Wednesday afternoon, from an early high of USD1.1794.

The Labor Department said on Friday its Consumer Price Index jumped 0.5 percent last month after advancing 0.4 percent in August.

"Many participants expressed concern that the low inflation readings this year might reflect. the influence of developments that could prove more persistent, and it was noted that some patience in removing policy accommodation while assessing trends in inflation was warranted", Reuters reported, citing the Fed's meeting minutes. On Thursday, economic data showed that producer prices increased 0.4% last month on a year-over-year basis. The US dollar rose to 0.9748 Swiss franc from 0.9728 Swiss franc, and it was down to 1.2460 Canadian dollars from 1.2492 Canadian dollars.

Financial markets are pricing a roughly 88 percent probability of a rate increase in December, according to CME Group's FedWatch tool.

Bank of Japan Governor Haruhiko Kuroda on Thursday stressed the central bank's resolve to maintain its ultra-loose monetary policy, even as its US and European counterparts begin to normalize monetary policy. St. Louis Fed President James Bullard told Business Insider that there was "no hurry to raise rates" with inflation below target.

The dollar got some support versus the yen on Thursday when media polls showed Japanese Prime Minister Shinzo Abe's ruling bloc could keep its two-thirds "super" majority in an October 22 lower house election, reassuring investors that his "Abenomics" programme of yen-weakening easy monetary policy, fiscal spending and promised structural reforms would continue. The GBP/USD is up at $1.327, a gain of 0.07% while the EUR/USD is $1.1845, a gain of 0.12%.

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