The new mini-bull market in the dollar continued after the Fed released its statement holding the target Fed Funds rate steady. Can you imagine what will happen when the Fed announces an increase in the funds rate?
The dollar rose 0.4 percent to 89.97 yen at 2:53 p.m. in New York, from 89.61 yesterday. It touched 89.99, the highest level since Dec. 7. The dollar advanced 0.2 percent to $1.4515 per euro, from $1.4538 yesterday, when it climbed to $1.4504, the strongest level since Oct. 2. The euro traded at 130.54 yen, compared with 130.29.
The U.S. currency has appreciated about 4 percent versus the euro from this year’s weakest level of $1.5144 reached on Nov. 25
Let's not forget the dollar is getting some help from the BoJ which is attempting another round of QE.
ReplyDelete