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Dollar up on Fed minutes, upcoming budget talks

Published on NewsOK Modified: January 3, 2013 at 4:15 pm •  Published: January 3, 2013

NEW YORK (AP) — Uncertainty about when the Federal Reserve will stop buying bonds pushed the dollar higher against other major currencies Thursday. Traders also bought the dollar on worries about the next budget battle in Washington.

Minutes from the Fed's last policy meeting revealed that central bank officials were divided about when to halt the program. The bond purchases are meant to lower interest rates and boost the economy, but they can also weaken the dollar.

The euro fell to $1.3062 in late trading Thursday from $1.3178 late Wednesday.

Although Congress approved a budget deal this week, negotiations on the debt ceiling and spending cuts are still on the agenda.

The British pound fell to $1.6107 from $1.6251.

The dollar rose to 87.18 Japanese yen from 87.14 Japanese yen, to 0.9260 Swiss franc from 0.9185 Swiss franc and to 98.74 Canadian cents from 98.58 Canadian cents.


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