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Forex - Dollar higher against euro, yen after Fed

Published 12/18/2014, 02:50 AM
Updated 12/18/2014, 02:50 AM
Dollar strengthens after Fed

Dollar strengthens after Fed

Investing.com - The dollar was higher against the euro and the yen on Thursday after the Federal Reserve said it expected to start raising interest rates next year, after removing a pledge to keep them low for a “considerable time.”

USD/JPY was up 0.14% to 118.81, extending a rebound after falling to one-month lows of 115.55 on Tuesday.

EUR/USD was down 0.49% to 1.2281, closing in on the two year low of 1.2246 struck on December 8.

The dollar rallied after the Fed said it would be “patient” before raising rates, guidance which it said is consistent with earlier assurances statement that rates would stay low "for a considerable time."

The central bank acknowledged the improvement in the U.S. labor market and noted that the economy is making progress toward its goals in inflation and employment.

At the bank’s post policy meeting press conference Fed Chair Janet Yellen said the Fed was unlikely to raise rates for the “next couple of meetings” indicating that a move in April at the earliest is possible.

The pound close to two year lows against the firmer dollar, with GBP/USD at 1.5561.

The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.25% to 89.46, within striking distance of last week’s more than five year peaks of 89.78.

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