Dealing desk insight The yen and the dollar dropped against higher-yielding currencies as stocks rose after the Federal Reserve said in its statement that the U.S. economy is in a recovery. The yen weakened most against the New Zealand and Australian dollars while the Dollar Index broke a 2 day advance after yesterday's Fed assessment and President Barack Obama's proposal on tax incentives to boost the economy. The yen weakened to 90.34 per dollar as of 8:12 a.m. in London from 90 in New York yesterday, when it appreciated to 89.14, the strongest level since Dec. 18. Japan's currency was at 126.94 per euro from 126.25. |
| The euro was little changed against the dollar after dropping below $1.40 for a second day as a former adviser to China's central bank said the nation should not buy Greek debt. The dollar traded at $1.4046 per euro from $1.4015, after strengthening to $1.3938, its highest since July 14th. The Fed's Open Market Committee (FOMC) yesterday upgraded its economic outlook and reaffirmed it will end a $1.25 trillion program to buy mortgage-backed securities. Policy makers reiterated that rates will stay low for an "extended period" and held the target rate at zero to 0.25 percent. The Fed's Kansas City President Thomas Hoenig said yesterday it is time to change the promise to keep interest rates low. |
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