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Dollar Sheds Earlier Gains

MARKETSCOPE : The dollar shed its earlier gains after news that U.S. Federal Reserve members expressed concern about the possibility of going too far in tightening credit.

The dollar index was down 0.51 to 91.52 following the release of Federal Open Market Committee minutes. Members at the Nov. 1 meeting said monetary policy would become increasingly sensitive to economic data and that at some point the policy language in their statement would have to change. At a minimum, it will be conditioned on the economic outlook.

The euro has rallied to $1.1808 from $1.1680 earlier. The sterling is up at $1.7212. The dollar is down to 118.83 yen.

Chicago Federal Reserve President Moskow indicated the Fed is intent on "tightening" rather than merely "normalizing" monetary conditions. His comments came after European Central Bank President Trichet said that the continent's first rate rise in December would not signify the start of a steady tightening cycle, according to RBC Capital's Monica Fan in London.

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