Investing.com – The U.S. dollar was down against most of the other major currencies on Wednesday, after Federal Reserve officials said the U.S. economic recovery would remain modest in the near term.
During European morning trade, the greenback was down against the euro, with EUR/USD gaining 0.27% to hit 1.3301.
Following Tuesday's policy meeting, Fed officials expressed concern over sluggish U.S. growth and continuing low levels of inflation and indicated they were ready to implement quantitative easing measures if necessary.
The greenback was also down against the pound, with GBP/USD gaining 0.44% to hit 1.5694.
Also Wednesday, the greenback was down against the yen and the Swiss franc, with USD/JPY shedding 0.26% to hit 84.87 and USD/CHF falling 0.29% to hit 0.9932.
Speaking on Tuesday, Japanese Prime Minister Naoto Kan said that his government was prepared to intervene in currency markets again, saying, "If there is a drastic change (in the currency), such intervention is unavoidable."
Meanwhile, the greenback was down against its Canadian and New Zealand counterparts, with USD/CAD shedding 0.24% to hit 1.0245 and NZD/USD gaining 0.17% to hit 0.7362.
But the greenback was up against its Australian counterpart, with AUD/USD shedding 0.07% to hit 0.9545.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.33%.
Later in the day, US Treasury Secretary Timothy Geithner was due to speak.
During European morning trade, the greenback was down against the euro, with EUR/USD gaining 0.27% to hit 1.3301.
Following Tuesday's policy meeting, Fed officials expressed concern over sluggish U.S. growth and continuing low levels of inflation and indicated they were ready to implement quantitative easing measures if necessary.
The greenback was also down against the pound, with GBP/USD gaining 0.44% to hit 1.5694.
Also Wednesday, the greenback was down against the yen and the Swiss franc, with USD/JPY shedding 0.26% to hit 84.87 and USD/CHF falling 0.29% to hit 0.9932.
Speaking on Tuesday, Japanese Prime Minister Naoto Kan said that his government was prepared to intervene in currency markets again, saying, "If there is a drastic change (in the currency), such intervention is unavoidable."
Meanwhile, the greenback was down against its Canadian and New Zealand counterparts, with USD/CAD shedding 0.24% to hit 1.0245 and NZD/USD gaining 0.17% to hit 0.7362.
But the greenback was up against its Australian counterpart, with AUD/USD shedding 0.07% to hit 0.9545.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.33%.
Later in the day, US Treasury Secretary Timothy Geithner was due to speak.