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* Fed policymakers zero in on strategy tweaks, minutes show
* Dollar claws back from 27-month low
* Graphic: 2020 asset performance http://tmsnrt.rs/2yaDPgn
* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh
By Alwyn Scott
NEW YORK, Aug 19 (Reuters) - The dollar gained but equities,
gold and oil retreated on Wednesday after the Federal Reserve
suggested it could pursue aggressive stimulus measures for
longer than under its previous strategy, minutes from its last
policy meeting showed.
Economic recovery was highly uncertain and employment gains
in May and June had likely slowed, the U.S. central bank said,
noting that additional "substantial improvement" in the labor
market would hinge on a "broad and sustained" reopening of
business activity, according to minutes of the July 28-29
meeting released Wednesday.
The readout on Fed discussions provide hints to further
action that the U.S. central bank could take in September. No
change in interest rate policy is expected until end-2021.
Before the Fed news, the S&P 500 and the Nasdaq hit all-time
highs as Apple Inc rose 1.4% to become the first
publicly-listed U.S. company to reach $2 trillion in market
capitalization, with strong results from retailers Target and
Lowe's also lifting sentiment.
The S&P 500 on Tuesday completed its fastest recovery ever
from a bear market to confirm a bull market by closing above its
previous high of 3,386.15, set in February.
The dollar index rose 0.805%, with the euro
down 0.67% to $1.1849.
The Japanese yen weakened 0.46% versus the greenback
at 105.88 per dollar.
Spot gold prices fell -2.99% to $1,941.06 an ounce.
Brent crude futures fell $0.18 to $45.28 a barrel.
U.S. crude futures slid $0.04 to $42.85 a barrel.
On Wall Street, the Dow Jones Industrial Average fell
0.01%, the S&P 500 lost 0.19% and the Nasdaq Composite
dropped 0.33%.
Crude prices eased on concerns U.S. fuel demand faces a slow
recovery amid stalled talks on an economic stimulus package in
Washington, offsetting support from a bigger-than-expected
drawdown in U.S. crude stocks.
Earlier, in Europe, travel and leisure shares rose, with
British Airways owner International Airlines Group up
5.3% on a British plan to use COVID-19 testing at London's
Heathrow Airport to help cut the time travelers have to spend in
quarantine.
MSCI's benchmark for global equity markets
rose 0.25% to 573.33, while its index for emerging markets
stocks rose 0.45%.
Europe's broad FTSEurofirst 300 index added 0.68%
to 1,434.54.
The Fed's actions to blunt the impact of the coronavirus
pandemic have helped lift riskier assets to all-time highs but
have reduced demand for safe-havens and battered the dollar.
Big-box chain Target Corp jumped 12% after posting
its best quarterly comparable sales growth and online revenue
that nearly tripled.
In Europe, travel and leisure shares rose, with British
Airways owner International Airlines Group up 5.3% on a
British plan to use COVID-19 testing at London's Heathrow
Airport to help cut the number of days travelers have to spend
in quarantine.
Overnight, MSCI's broadest index of Asia-Pacific shares
outside of Japan fell 0.2%, retreating from a
seven-month high hit after the S&P 500's record.
(Reporting by Alwyn Scott, Herbert Lash and Tom Wilson;
Editing by Will Dunham and Nick Zieminski)
