The US dollar spiked higher against the yen after the FOMC minutes released late in the US session on Wednesday.
The minutes were of the last Federal Reserve policy meeting of September 17-18 and showed that most Fed policy makers said that tapering is possible before the end of this year.
A reduction of the Fed’s current $85 billion a month of bond purchases would be positive for the dollar.
USDJPY jumped after the minutes to 97.63 from 97.34 yen. The pair is currently up 0.5 percent today.
Earlier in the day, the dollar was given a boost by news of Janet Yellen’s nomination as new Fed Chair to replace Ben Bernanke in January. Markets liked the news and reacted positively.
Yellen’s nomination was officially announced by US President Obama at the White House just after 2pm EST. Her nomination has to be confirmed by the Senate.
The dollar also gained against the euro, up 0.4 percent to $1.3520 per euro. EURUSD dipped briefly after the Fed minutes to $1.3504, the lowest level since September 30.
Against the yen, euro made back some earlier losses. EURJPY hit a US Session high of 131.74 yen.
The US dollar spiked higher against the yen after the FOMC minutes released late in the US session on Wednesday.
The minutes were of the last Federal Reserve policy meeting of September 17-18 and showed that most Fed policy makers said that tapering is possible before the end of this year.
A reduction of the Fed’s current $85 billion a month of bond purchases would be positive for the dollar.
USDJPY jumped after the minutes to 97.63 from 97.34 yen. The pair is currently up 0.5 percent today.
Earlier in the day, the dollar was given a boost by news of Janet Yellen’s nomination as new Fed Chair to replace Ben Bernanke in January. Markets liked the news and reacted positively.
Yellen’s nomination was officially announced by US President Obama at the White House just after 2pm EST. Her nomination has to be confirmed by the Senate.
The dollar also gained against the euro, up 0.4 percent to $1.3520 per euro. EURUSD dipped briefly after the Fed minutes to $1.3504, the lowest level since September 30.
Against the yen, euro made back some earlier losses. EURJPY hit a US Session high of 131.74 yen.
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