Fed minutes lift dollar to a nine-month high as stock markets swoon | Malay Mail

NEW YORK, Aug 19 — The US dollar rose to a nine-month high today as global markets went into a tailspin after minutes of the Federal Reserve’s last showed policymakers expect to reduce pandemic-era stimulus before the year is out.

The minutes pushed Wall Street’s main stock index down more than 1 per cent and drove several currencies to multi-week lows against the safe-haven greenback. European markets stumbled at open and US stock futures were pointing to a weaker start. “From that point of view, it comes as little surprise that the minutes did not provide much news in the end and the dollar only reacted very shortly. The market will presumably only receive more detailed news in September when the Fed publishes its new projections and dot plots.”

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