Officials from the U.S. central bank said it would be appropriate to raise interest rates in June if economic data points to stronger second-quarter growth as well as firming inflation and employment, according to the minutes.
Following the release of the minutes, traders were projecting a 34 percent chance the Fed would raise rates in June, up from 15 percent on Tuesday, according to the CME FedWatch tool. For July, traders see a more than 50 percent chance of rates rising.
Officials from the U.S. central bank said it would be appropriate to raise interest rates in June if economic data points to stronger second-quarter growth as well as firming inflation and employment, according to the minutes.
Following the release of the minutes, traders were projecting a 34 percent chance the Fed would raise rates in June, up from 15 percent on Tuesday, according to the CME FedWatch tool. For July, traders see a more than 50 percent chance of rates rising.
The dollar stood tall in early Asian trading on Thursday, after racing to multi-week highs when the minutes of the U.S. Federal Reserve's latest policy meeting rekindled expectations for a June interest rate hike.
The dollar soared as high as 110.25 yen JPY= overnight, its strongest since April 28, the last time it traded above 110. It was last at 110.10 yen, down 0.1 percent.
The euro fetched $1.12220, up 0.1 percent, after falling as low as $1.12145 EUR= on Wednesday, its weakest since March 29.
The dollar index, which tracks the greenback against a basket of six major currencies, was up 0.1 percent in early Asian trading at 95.161 .DXY after rising as high as 95.270 overnight.
Oil prices retreated from 2016 highs and snapped a two-day rally on Wednesday, hurt by a surge in the dollar after the U.S. Federal Reserve signaled it could raise interest rates next month.
Brent and U.S. crude's West Texas Intermediate futures had advanced closer to $50 a barrel on Wednesday after large gasoline and distillate drawdowns were announced by the U.S. Energy Information Administration (EIA).
But minutes from the Fed's April 26-27 policy meeting, released in late afternoon trading of oil, sent the dollar <.DXY> rallying against a basket of currencies and the crude benchmarks into negative territory
International Brent crude futures LCOc1 were trading at $48.28 per barrel at 0101 GMT, down 65 cents or 1.3 percent from their last settlement.
U.S. West Texas Intermediate (WTI) crude futures CLc1 was down 59 cents, or 1.2 percent, at $47.60 a barrel.
Oil prices retreated from 2016 highs and snapped a two-day rally on Wednesday, hurt by a surge in the dollar after the U.S. Federal Reserve signaled it could raise interest rates next month.
Brent and U.S. crude's West Texas Intermediate futures had advanced closer to $50 a barrel on Wednesday after large gasoline and distillate drawdowns were announced by the U.S. Energy Information Administration (EIA).
But minutes from the Fed's April 26-27 policy meeting, released in late afternoon trading of oil, sent the dollar <.DXY> rallying against a basket of currencies and the crude benchmarks into negative territory
International Brent crude futures LCOc1 were trading at $48.28 per barrel at 0101 GMT, down 65 cents or 1.3 percent from their last settlement.
U.S. West Texas Intermediate (WTI) crude futures CLc1 was down 59 cents, or 1.2 percent, at $47.60 a barrel.
Reference: Reuters
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