The U.S. dollar rocketed past the 118 yen mark Wednesday after minutes from the October meeting of the Federal Open Market Committee reaffirmed that the central bank intends to hike rates toward the end of 2015.
The dollar USDJPY, +0.57% fluctuated wildly against the yen, and to a lesser extend the euro, immediately after the Fed minutes were released at 2 p.m. Eastern.
In other currency trading, the euro EURUSD, -0.06% moved higher against the dollar for the second consecutive session, briefly climbing to $1.2605 immediately after the FOMC minutes before falling back to $1.2543. The shared currency traded at $1.2522 late Tuesday.
The pound GBPUSD, -0.04% also traded higher against the dollar at $1.5676, compared with $1.5614 Tuesday afternoon.
The ICE U.S. Dollar Index DXY, +0.03% a measure of the greenback’s strength against a basket of six currencies, was down 0.12% to 87.4750.
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