The dollar traded lower against its main rivals after minutes from the Federal Reserve’s January policy meeting showed the central bank isn't expected to raise interest rates as early as previously expected.
The dollar USDJPY, -0.06% traded flat at 118.60 yen, compared with ¥119.25 late Tuesday in New York. The euro EURUSD, +0.05% traded at $1.1397, compared with $1.1403.
Meanwhile, the British pound GBPUSD, +0.01% traded higher against the dollar, building on momentum from the rate-setting U.K. Monetary Policy Committee’s unanimous vote to leave the central bank’s benchmark interest rate at 0.5% and its bond-buying program unchanged.
The pound GBPUSD, +0.01% was last at $1.5455, just below its highest level since the beginning of 2015, compared with $1.536 before the meeting.
The Fed’s minutes revealed that the central bank is far more dovish — or, willing to let rates remain lower for longer — than the market had expected.
