Dollar Little Changed After Fed Minutes Released

E-mini S&P 500 Index

The dollar slipped against a basket of currencies on Friday after data showed USA consumer prices rose less than expected in September, pointing to muted inflation that could worry Federal Reserve officials.

The Singapore dollar slipped 0.2 pct to 1.3550 versus the USA dollar from 1.3514 after the Monetary Authority of Singapore kept all its monetary policy settings unchanged on Friday, noting 2018 economic growth was likely to be slower than seen this year.

US Labor Department said its producer price index for final demand increased 0.4 per cent last month after rising 0.2 per cent in August.

While some say waiting for inflation to hit the central bank's 2% target before further interest rate hikes would be a mistake, others are urging "patience", putting a December rate hike in doubt.

The dollar index.DXY, which tracks the greenback against six major currencies, was down 0.19 percent at 92.883 after falling to a more than two-week low of 92.749.

The dollar bought 112.20 Japanese yen, lower than 112.35 yen of the previous session.

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The Fed has increased interest rates four times in its tightening cycle which began in late 2015, and now predicts one more rate rise this year and three in 2018. Now, markets need consumer data to solidify their sentiment.

Building expectations of a rate hike this year have limited the dollar's losses.

The weaker dollar helped buoy Britain's pound to a almost two-week high against the dollar. The GBP/USD is up at $1.327, a gain of 0.07% while the EUR/USD is $1.1845, a gain of 0.12%.

The dollar index, which tracks the USA currency against a basket of six major peers, was steady at 93.083, but poised to shed 0.8 percent for the week.

The readout of the meeting, at which the Fed announced it would begin this month to reduce its large bond portfolio mostly amassed following the financial crisis and unanimously voted to hold rates steady, also showed that officials remained mostly sanguine about the economic impact of recent hurricanes.

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