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Written by: Staff
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TOKYO, Apr 17: The dollar fell in thin trade on Monday, with dealers citing an article in the Wall Street Journal that Federal Reserve officials are not convinced they need to keep raising interest rates beyond an expected move in May.

Greg Ip, the Wall Street Journal's Fed correspondent who is seen as sometimes reflecting the central bank's thinking, said that while markets are expecting the Fed to raise rates in May and beyond, Fed officials ''are not convinced that much action will be needed''.

Ip cited comments from speeches last week by Fed Governors Donald Kohn and Susan Bies as suggesting that the moment for a pause is approaching.

The Fed has lifted rates 15 straight times to 4.75 percent and is widely expected to bump rates up to 5 percent at its next policy meeting in May.

The dollar slipped to 118.10 yen from around 118.70 in Tokyo trade on Friday, while the euro rose to around $1.1260 from near $1.2110.

Dealers said moves were exacerbated by thin trading, with many financial centres closed for Easter holidays.

Markets in the United States were closed on Friday but reopen on Monday, while markets in Britain and elsewhere will remain closed.

REUTERS

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