The US dollar surged against the Japanese yen after the minutes of the Federal Open Market Committee showed that some policy makers considered removing of stimulus. The dollar fell versus the euro and the yen as the US services industry expanded in March with slower pace than was forecast.
The FOMC policy makers voted unanimously for keeping the interest rates unchanged. Yet some told that less accommodative policy may be necessary. The minutes of the meeting said:
A few participants indicated that economic conditions might warrant a move toward
The ISM services PMI was at 57.3 percent in March. It was expected to remain little changed from the February value of 59.7 percent.
USD/JPY rose from 84.86 to 85.51 today and traded at 85.28 as of 6:04 GMT. EUR/USD went up from 1.4221 to 1.4260, while GBP/USD went from 1.6294 up to 1.6330.
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