CURRENCIES: Dollar Dips As 'skeptical' Market Braces For Fed Minutes

By Victor Reklaitis, MarketWatch Features Dow Jones Newswires

On tap before Thanksgiving: Fed minutes, durable goods, consumer sentiment and more

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The dollar lost ground Wednesday against most of its major rivals, as traders braced for Federal Reserve minutes due later in the day.

The dollar was down against the Japanese yen , buying Yen112.05 vs. Yen112.44 late Tuesday in New York.

The ICE U.S. Dollar Index was at 93.835, down from 93.962 late Tuesday. The gauge has lost 8.2% this year.

The Fed minutes from the central bank's meeting that ended Nov. 1 are due at 2 p.m. Eastern Time.

The minutes are widely expected to show the Fed is poised to raise its benchmark short-term interest rate to a range of 1.25% to 1.5% at its Dec. 12-13 meeting. But there are doubts about what could come after that, and they appear to be weighing on the dollar.

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"The market remains skeptical about any further rate hikes in 2018," said Boris Schlossberg, managing director of FX strategy at BK Asset Management, in a note.

Read:Fed minutes likely to greenlight hike in December, but inflation debate still unsettled (http://www.marketwatch.com/story/fed-minutes-likely-to-greenlight-rate-hike-in-december-but-inflation-debate-still-unsettled-2017-11-21)

In other currencies trading, the euro was at $1.1751, up from $1.1738 late Tuesday in New York.

The British pound bought $1.3241, little changed from $1.3237 late Tuesday, as investors braced for the U.K. finance minister's presentation of the government's Autumn Budget, which is expected to tackle affordable housing (http://www.marketwatch.com/story/5-things-to-watch-for-in-uk-budget-2017-11-22). It's due around 7:30 a.m. Eastern.

On the U.S. data front, reports on weekly jobless claims and October durable-goods orders are slated to hit at 8:30 a.m. Eastern, with economists polled by MarketWatch forecasting 240,000 claims and 0.5% growth in orders for big-ticket items.

See:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)

A November figure for a consumer-sentiment index is expected to arrive at 10 a.m. Eastern, and a reading of 98.0 is anticipated.

(END) Dow Jones Newswires

November 22, 2017 06:34 ET (11:34 GMT)