The U.S. dollar weakened against major Latin American opponents in New York trading on Wednesday. The greenback dropped to new multi-month lows against the Brazilian real and Mexican peso.
According to a report released by the U.S. Commerce Department today, wholesale inventories fell 1.5 percent in February following a revised decrease of 0.9 percent in January.
The minutes of the latest Federal Open Market Committee meeting in March released in afternoon deals today. Members of the policy-setting arm of the U.S. Federal Reserve remain concerned about downside risks to an already weak outlook for economic activity.
The minutes showed that nearly all of the meeting participants felt that economic conditions had deteriorated relative to their expectations at the time of the January meeting. FOMC members felt that an apparent sharp fall in foreign economic activity was of particular note, as it was having a negative effect on U.S. exports.
In New York trading on Wednesday, the U.S. currency edged down against the Mexican peso. The greenback dropped to a 3-week low of 13.3220 versus the peso by about 9:50 am ET, which may be compared to yesterday's New York session close of 13.4685. At present, the pair is trading near 13.36. The next downside target level for the US currency is seen at 13.26.
Against the Brazilian real, the U.S. currency traded lower in New York trading on Wednesday. As of 1:50 pm ET, the greenback plunged to 2.1930 again the real, compared to Tuesday's North American session closing value of 2.2155. This set a new multi-month low for the greenback. Presently, the pair is trading at 2.2050.
After ticking up in morning session, the greenback lost ground against the Chilean peso in New York afternoon deals today. The greenback slipped to a 2-day low of 579.25 versus the Chilean currency by about 1:15 pm ET from recent high of 582.45.
The dollar which moved at 2416.50 yesterday versus the Colombian peso, dropped to a 2-week low of 2390.50 in New York afternoon trading.
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