FXstreet.com (Córdoba) - The Dollar is pulling back after falling to fresh lows in more than a year across the board. According to the FOMC minutes interest rates will remain at exceptionally low level for an extended period of time. Some members of the Committee wanted an increase in the maximum amount of the MBS purchase program.
EUR/USD has pulled back form intra-day high at 1.4945 to 1.4900. GBP/USD rebounded at 1.6000 and fell to 1.5970. USD/CHF is back above 1.0150. USD/JPY rebounded at 89.05 and rose to 89.45.
The Dow Jones is also retreating from the 10,000 level but U.S. markets are consolidating important gains.
The minutes of the Federal Reserve meeting showed that some members wanted to extended the maximum amount of purchases of mortgage back securities: With respect to the large-scale asset purchase programs, some members thought that an increase in the maximum amount of the Committee's purchases of agency MBS could help to reduce economic slack more quickly than in the baseline outlook. Another member believed that the recent improvement in the economic outlook could warrant a reduction in the Committee's maximum purchases.
Regarding interest rates the Committee agreed that it was appropriate to maintain its target range for the federal funds rate at 0 to ¼ percent and to reiterate its view that economic conditions were likely to warrant an exceptionally low level of the federal funds rate for an extended period.