Dollar under pressure in Asia after Fed minutes

TOKYO: The dollar struggled in Asia on Thursday following the release of minutes from the Federal Reserve´s September meeting that dampened expectations for an early interest rate hike.

The greenback bought 107.83 yen in Tokyo afternoon trade, down from 108.14 yen in New York and over the 110 yen level last week.

The euro strengthened to $1.2750 against $1.2734 and $1.2667 before the Fed minutes were released.

The single currency slipped to 137.46 yen from 137.71 yen.

On Wednesday, the minutes from the Fed´s policy-making committee showed officials stressed "patience" in waiting to raise interest rates, worried about weaknesses in Europe, China and Japan as well as geopolitical troubles.

In recent weeks the dollar has hit multi-year highs against the yen and euro as strong US data has fanned expectations of a rate hike sooner than later -- a move that would tend to push the dollar higher.

The Fed minutes also showed policymakers were concerned about a strong dollar´s possible negative impact on US exports and growth.

"The pace of the dollar´s gain looks set to slow following the minutes," Mizuho Securities forex strategist Kenji Yoshii told Dow Jones Newswires.

"Lately, the market lacks fresh cues to seek an upside."

The dollar also lost ground against other Asia-Pacific currencies.

It slipped to Sg$1.2693 from Sg$1.2801 on Wednesday, to 32.44 Thai baht from 32.65 baht, 1,067.38 South Korean won from 1,073.75 won and to 12,182.50 Indonesian rupiah from 12,259.00 rupiah.

The greenback declined to 61.08 Indian rupees from 61.49 rupees, to 44.61 Philippine pesos from 44.82 pesos and to Tw$30.36 from Tw$30.43.The Australian dollar rose to 88.80 US cents from 87.59 cents, while the Chinese yuan bought 17.59 yen against 17.68 yen.