Forex Pros – The U.S. dollar was down against most of the other major currencies on Wednesday, as sentiment towards the dollar weakened after remarks by a high ranking U.S. Federal Reserve official. During European morning trade, the greenback was down against the euro, with EUR/USD gaining 0.03% to hit 1.2888. Earlier in the day, St. Louis Fed President James Bullard said in an interview with the Wall Street Journal that there was still a fifty-fifty chance of further asset purchases in the U.S. if inflation continues to decline. The greenback was also down against the pound, with GBP/USD climbing 0.36% to hit 1.5644. Earlier Wednesday, the minutes of the most recent meeting of the Bank of England's monetary policy committee said that “Growth had been surprisingly robust.” The greenback was also down against the yen and the Swiss franc, with USD/JPY shedding 0.27% to hit 85.29 and USD/CHF losing 0.23% to hit 1.0407. Meanwhile, the U.S. dollar was also down against its Canadian and New Zealand counterparts, with USD/CAD shedding 0.25% to hit 1.0293 and NZD/USD gaining 0.45% to hit 0.7154. But the greenback was up against its Australian counterpart, with AUD/USD shedding 0.39% to hit 0.9017. Earlier in the day, data showed that a leading index of the Australian economy grew at an annualized rate of 6.0% in June, compared with growth of 7.4% in May, while separate data showed that Australian labor costs declined unexpectedly in June. The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 0.19%. Later in the day, the U.S. was to produce data on crude oil inventories.

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