The world's reserve currency was sinking toward a monthly loss against its top counterparts as the calendar was within hours of turning from July to August, Bloomberg reports.
The Federal Open Market Committee, the policy-making arm of the U.S. Federal Reserve, is slated to adjourn two days of meetings on Wednesday, which will be followed by Fed chairman Ben Bernanke addressing reporters. He told Congress earlier this month that the Fed will consider the nation's economic performance when considering whether to taper stimulus programs.
"The Fed has done a lot of message adjustment in the last month, and there is an argument that it has done enough," states a Wednesday research note authored by senior currency strategist Greg Gibbs with Royal Bank of Scotland Group Plc. in Singapore, according to the news source. "Changing the key phrases in the FOMC statement may be reaching too far in pre-setting its policy guide-path and trying to manipulate market expectations."
Against the Japanese yen, the greenback was sinking toward monthly losses of 1.3 percent.
The dollar index plunged toward its five-week low on Wednesday, according to Reuters.
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