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Dollar pares gains as Fed's decision unclear

English.news.cn   2014-07-08 07:24:50

NEW YORK, July 7 (Xinhua) -- The U.S. dollar pared gains and weakened against most major currencies Monday as investors are seeking more clues of about when the Fed will begin to hike interest rates.

The greenback jumped last Thursday after report showed that U.S. economy added much more jobs than forecast in June and raised speculation that the Fed may lift interest rate earlier than expected, but Fed Chair Janet Yellen said last week that it does not need to raise interest rates to improve financial stability.

U.S. nonfarm payroll employment increased by 288,000 in June, the Labor Department reported last Thursday. The fresh data was much higher than economists' expectations. The unemployment rate unexpectedly declined from 6.3 percent to 6.1 percent in June, the department added.

Moreover, the European Central Bank last week left the refinancing rate unchanged at 0.15 percent at monetary policy meeting as market expected.

Investors will pay close attention to the Fed's minutes of its latest policy meeting due out Wednesday afternoon and try to find more clues of Fed's timing of interest rate hike.

In late New York trading, the euro rose to 1.3607 dollars from 1.3592 dollars of the previous session, and the British pound increased to 1.7158 dollars from 1.7131 dollars. The Australian dollar climbed to 0.9372 dollars from 0.9365 dollars.

The dollar bought 101.86 Japanese yen, lower than 102.06 yen of the previous session. The dollar went down to 0.8932 Swiss francs from 0.8945 Swiss francs, and it moved up to 1.0675 Canadian dollars from 1.0654 Canadian dollars.

Editor: An
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