Dollar Rises against Japanese Currency
Thursday observed a rise in the US dollar against the Japanese yen, while it slipped down against the euro.
The US dollar rose from ¥83.26 to ¥83.64 against the yen. The losses to yen are supposed to be due to the Federal Reserve's decision to expand monetary stimulus. It said that it would be buying additional ling-maturity securities worth $45 billion.
Further, the Federal Reserve asserted that it would also maintain the low interest rates until the unemployment rates come down to less than 6.5% and inflation sees some acceleration. "Japanese exporters put currency hedges in place around ¥83. If these firms believe the pair will have a sustained move above ¥83, then you may see a number of them unwind", said Stan Shamu, a strategist at IG markets.
Euro rose from $1.3070 to $1.3081 on late Wednesday. Swiss Bank's monetary policy is due later Thursday, it was trapped in tight range. British pound went down from $1.6146 to $1.6141 while Australian dollar rose from $1.0544 to $1.0552. The New Zealand dollar rose from 83.92 U. S. cents to 83.98 U. S. cents.
The Federal Open Market Committee is expected to announce $45 billion in monthly Treasury, which if bought will raise the balance sheet up to $4 trillion.
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