NEW YORK, July 12 (Xinhua) -- The U.S. dollar gained against other major currencies Friday as investors bet the Federal Reserve will cut monetary stimulus earlier than the European Central Bank.
Charles Plosser, president of the Philadelphia Fed Bank, suggested Friday that the Fed should begin tapering its bond- buying plan soon by the end of this year.
"That would be a healthy thing for the economy. We can do it gradually. We don't want to create another housing boom and we have to be careful of the unintended consequences of our policies, " Plosser said.
Minutes of the June 18-19 Federal Open Market Committee meeting released Wednesday showed that top officials of the central bank remained divided on when to taper off the massive bond purchases program.
Analysts believed that Fed may soon start to scale back stimulus program, while the European Central bank and Bank of Japan were more likely to continue to ease monetary policies.
In late New York trading, the euro lost to 1.3061 dollars from 1. 3104 dollars of the previous session and the British pound decreased to 1.5104 dollars from 1.5192 dollars. The Australian dollar dropped to 0.9059 dollars from 0.9176 dollars.
The dollar bought 99.38 Japanese yen, higher than 99.03 yen of the previous session. It edged up to 0.9467 Swiss francs from 0. 9463 Swiss francs and moved up to 1.0391 Canadian dollars from 1. 0374 Canadian dollars.
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