NEW YORK — The dollar is rising against the euro ahead of minutes to be released from the Federal Reserve’s latest meeting.
The minutes, or meeting protocols, could offer some insight into the Federal Reserve’s outlook for the U.S. economy, currency analysts said.
But data released Tuesday showed that worries about the economy are lowering U.S. consumers’ confidence. The Conference Board Consumer Research Center said consumers’ confidence in the U.S. economy in August dropped nearly 15 points to its lowest level since April 2009. The drop was larger than Wall Street analysts had expected.
In midday trading Tuesday, the euro fell to $1.4426 from $1.4505 late Monday.
Also weighing on the euro was consumer and business sentiment data from the 17 countries that use the euro. The European Union’s economic sentiment index fell a higher-than-expected 4.7 points in August, increasing fears that the region’s economy may slow in the coming months.
In other trading Tuesday, the British pound fell to $1.6277 from $1.6405 late Monday. The dollar fell to 76.74 Japanese yen from 76.95 Japanese yen and rose to 0.8169 Swiss franc from 0.8153 Swiss franc. The dollar rose to 97.96 Canadian cents from 97.84 Canadian cents.