The dollar traded near a one-week low against the euro as investors bet the Federal Reserve will keep interest rates unchanged next week, while the European Central Bank will increase borrowing costs in July.
The U.S. currency was also near its lowest in a week against the yen after reports in the U.S. yesterday showed housing starts fell in May to a 17-year low and industrial production unexpectedly declined. The British pound fell as minutes from the Bank of England's last meeting showed members voted 8-1 to keep rates unchanged.
``Fed watchers are raising doubts that the Fed may not be as aggressive as the market thinks,'' said Antje Praefcke, a Frankfurt-based currency strategist at Commerzbank AG, Germany's second-biggest lender. ``We've also had hawkish comments supporting the euro.''
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