iFOREX | Sep 20, 2013 05:32AM ET
The U.S. Dollar came close to trading at a seven-month low after the Federal Reserve issued a much anticipated statement confirming that it would not begin scaling back on stimulus at this time, given the fact that the economy hasn’t shown strong indications of improvement. Policy makers indicated that they wanted further evidence of economic recovery before reducing the $85 billion in monthly bond purchases. The greenback remained weak and managed to rise slightly after reports published on Thursday revealed that the Jobless Claims went up, though less than forecast.
The Euro extended gains versus the British Pound, the Yen and U.S. Dollar as the U.S. indicated an increase in the Jobless Benefits applications last week. The Sterling rallied subsequent to the publication of the Bank of England’s minutes.
The Yen slipped to the lowest it has traded at in 3 ½ years versus the 17-nation currency as the Federal Reserve refrained from making changes to U.S. monetary Policy.
EUR/USD- Euro Hits 7-Month High
No major economic reports out of the Euro region were published yesterday, however the weak Dollar prompted the shared currency to trade at a seven-month high. Its rally occurred after the U.S. central bank announced that it would not be making any changes to the current set of monetary policy measures and would not consider raising the interest rate for some time to come.
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