US Session – Dollar rises against yen after Fed meeting
March 20, 2013 10:32 pm
Dollar traded lower against risk currencies in Wednesday’s North American trading session as markets were more upbeat today and the Federal Reserve helped support sentiment. Against the safe haven yen dollar surged.
The Federal Reserve announced it will continue its bond-buying policy at $85 billion a month to prop up the US economy. The markets took this as a positive, since such measures have so far helped improve economic conditions. Interest rates were kept at record low.
The Fed Chairman said he sees no risk such quantitative easing measures pose to the financial system. He believes more job creation is required since unemployment is still elevated.
Against the dollar, the euro rose 0.4 percent to $1.2971, rebounding from $1.2843 reached on Tuesday, its lowest since late November.
The dollar climbed to a high of 96.12 yen, moving back toward a 3-1/2-year high of 96.69 set last week. It last traded at 96.00 yen, up 1 percent on the day.
The euro also rallied against the safe haven yen by 1.4 percent to 124.40 yen.
Sterling held gains against the dollar after rallying sharply today due to much better than expected UK employment data and after the Bank of England policy meeting minutes.
Also Chancellor of the Exchequer George Osborne’s budget statement helped support the pound.
GBPUSD surged to an intraday high of $1.5184, up 1.05 percent from a low of $1.5026.
Gold eased down to $1,605, down from an intraday high of $1614 as safe haven demand fell due to more risk appetite today.
Dollar traded lower against risk currencies in Wednesday’s North American trading session as markets were more upbeat today and the Federal Reserve helped support sentiment. Against the safe haven yen dollar surged.
The Federal Reserve announced it will continue its bond-buying policy at $85 billion a month to prop up the US economy. The markets took this as a positive, since such measures have so far helped improve economic conditions. Interest rates were kept at record low.
The Fed Chairman said he sees no risk such quantitative easing measures pose to the financial system. He believes more job creation is required since unemployment is still elevated.
Against the dollar, the euro rose 0.4 percent to $1.2971, rebounding from $1.2843 reached on Tuesday, its lowest since late November.
The dollar climbed to a high of 96.12 yen, moving back toward a 3-1/2-year high of 96.69 set last week. It last traded at 96.00 yen, up 1 percent on the day.
The euro also rallied against the safe haven yen by 1.4 percent to 124.40 yen.
Sterling held gains against the dollar after rallying sharply today due to much better than expected UK employment data and after the Bank of England policy meeting minutes.
Also Chancellor of the Exchequer George Osborne’s budget statement helped support the pound.
GBPUSD surged to an intraday high of $1.5184, up 1.05 percent from a low of $1.5026.
Gold eased down to $1,605, down from an intraday high of $1614 as safe haven demand fell due to more risk appetite today.
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