The dollar weakened Thursday, continuing a decline that began after minutes from a July meeting of Federal Reserve policy makers suggested that several of them may not be ready to raise interest rates in September.

The ICE U.S. dollar index DXY, +0.03% , a measure of the dollar’s strength against a basket of six currencies, was down 0.4% to 95.9630. It has shed 0.4% of its value so far this week, a significant move for the dollar-strength gauge.

The euro EURUSD, -0.24% rose 0.8% to $1.1216, a one-week high, while the dollar USDJPY, -0.05% weakened 0.4% against the Japanese yen to trade at 123.44.

The dollar found its bottom around 10:30 a.m. Eastern, and traded sideways for much of the session as U.S. stock prices dropped sharply.

The Dow Jones Industrial Average DJIA, -1.84% and S&P 500 SPX, -1.15% recorded their largest one-day losses since Feb. 3, 2014. And the 10-year yield fell to its lowest level since April 30.

Overall, economic data released Thursday was mixed with jobless claims rising for a fourth straight week last week, while the Philly Fed index — a gauge of manufacturing conditions within the Philadelphia Federal Reserve district — showed manufacturing conditions improved in July.

But investors mostly ignored the data and continued to focus on the minutes, which suggested that the Fed is ready to wait until its December meeting to raise interest rates, said Boris Schlossberg, managing director of G-10 FX strategy at BK Asset Management.

“All of [Thursday’s move] is still a residual from yesterday’s minutes,” Schlossberg said.

The Chinese yuan USDCNY, -0.27% edged higher against the dollar Thursday after the International Monetary Fund approved a proposal that would delay the yuan’s addition to the IMF’s special drawing rights basket until 2016. The fund’s leaders must still make a decision on whether or not to admit the yuan, which they are expected to do in the fourth quarter.

China’s central bank had set the Asian currency’s trading midpoint higher, at 6.3915 per U.S. dollar, compared with 6.3963 a day earlier.

Meanwhile, the Turkish lira USDTRY, +0.10% continued its recent slide, falling 1.7% against the dollar. A political crisis and reports of violence in Turkey have hit the currency, which is flirting with another record low against the dollar. Urban warfare has escalated in Turkey’s southeast, a Wall Street Journal article said late Wednesday.

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