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Dollar Rises amid Greek Concerns, Fed Minutes
May 17,2012 10:47CST
data analysis
Source:SMM
The U.S. dollar rose in late New York trading Wednesday despite several Federal Reserve policymakers favored more stimulus measures.

NEW YORK, May 16 (Xinhua) -- The U.S. dollar rose in late New York trading Wednesday despite several Federal Reserve policymakers favored more stimulus measures.

The euro had dipped to four-month low against the dollar on Tuesday as Greek political turmoil sparked bank withdraws. However, the shared currency found support Wednesday after German Chancellor Angela Merkel said she wants Greece to stay in euro zone, but warned that the country should honor its commitments.

The dollar continued to gain on Wednesday despite several Federal Reserve policymakers favored more easing efforts if economy gets worse, according to the minutes from the Fed's April monetary policy meeting. The dollar index gained 0.18 percent to 81.524 Wednesday.

Meanwhile, the Bank of England said inflation in Britain will fall slower than previously forecast, while economic growth remained weak. The central bank's report raised expectations of further monetary stimulus. The British pound dipped against the dollar Wednesday.

In late Wednesday trading, the dollar bought 80.29 Japanese yen, compared with 80.27 from late Tuesday. The euro fell to 1.2725 dollars from 1.2734.

The British pound also fell to 1.5917 dollars from 1.6003. The dollar rose from 0.9432 Swiss francs to 0.9437, and also rose to 1. 0112 Canadian dollars from 1.0047.
 

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