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The U.S. dollar extended losses versus the euro Tuesday after minutes from the Federal Reserve's last policy meeting suggested the central bank was open to cutting benchmark interest rates if the financial turmoil hurt growth.
The euro [EUR-TN
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] last traded up at near $1.36, versus $1.3575 before the minutes. The dollar was last down at below 101.8 yen [JPY-TN
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].
"People are picking up on the quote saying some FOMC members are pushing for a monetary policy response,'' said Shaun Osborne, chief currency strategist at TD Securities in Toronto.
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Click for More Forex Data (Pic AP) |
''And this is consistent with what Bernanke said earlier. Overall, it seems the Fed is poised for a rate cut and that is weighing on the dollar,'' he said.
Minutes from the Fed's Sept. 16 monetary policy meeting showed that participants saw intensified financial strains weighing on growth and some participants said "policy response'' might be necessary if financial strains hurt growth.
(For full coverage of Bernanke's remarks, click here).
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Data is a real-time snapshot *Data is delayed at least 15 minutes