22 Jun '11, 9pm

US dollar gains on euro, yen after Fed meeting

NEW YORK: The US dollar rose against the euro and yen on Wednesday after the US Federal Reserve confirmed that it would complete its $600 billion bond-buying programme, dubbed QE2, by the end of June. The dollar was trading at $1.4349 against the euro in New York at 2100 GMT, compared to $1.4408 on Tuesday. Against the Japanese currency, the dollar rose to 80.31 yen, up from 80.22 on Tuesday. The dollar strengthened after the Fed released a much-anticipated statement which concluded that the current difficulties of the US economy were mostly temporary in nature and did not warrant more stimulus. Though the Fed vowed to keep interest rates at near-zero levels "for an extended period," it confirmed there was no need for more quantitative easing, the policy of buying bonds to pump more liquidity into the economy. "I believe people see much less risk that there will be a third...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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