Dollar mixed before Fed meeting concludes

08:32, January 26, 2011      

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The U.S. dollar traded mixed against major currencies in late New York trading on Tuesday as the Federal Reserve discussed monetary policy in a two-day meeting.

The Federal Open Market Committee met on Tuesday to discuss the current economic situation and determine the near-term direction of monetary policy.

Analysts believed the Fed would continue its 600 billion dollar bond purchase plan to help economy revive.

The euro continued its upward momentum and rose to 1.3675 against the dollar in late trading session on Tuesday.

Meanwhile, the U.S. consumer confidence rose more than expected in January to its highest level in eight months, helped by growing optimism about the economy and the jobs market, according to a private sector report released on Tuesday.

The Conference Board, an industry group, said its index of consumer attitudes jumped to 60.6 in January, the highest since May 2010, from an upwardly revised 53.3 in December.

The British pound declined broadly against the dollar in Tuesday's trading due to unexpected shrink of Britain's fourth quarter economy growth.

The Britain's Office for National Statistics said fourth- quarter gross domestic product unexpectedly declined by 0.5 percent compared to the previous quarter.

The dollar index, which gauges its performance against a basket of six other currencies, fell to 78.002 on Tuesday, from 78.013 in late trading on Monday.

In late Tuesday trading, the dollar bought 82.15 Japanese yen, comparing with 82.49 late Monday, and the euro rose to 1.3675 dollars from 1.3638.

The British pound fell to 1.5798 dollars from 1.5995. The dollar fell from 0.9496 to 0.9423 against Swiss francs, but rose to 0.9994 Canadian dollars from 0.9949.

Source: Xinhua
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