Dollar mixed on Fed decision

08:21, January 27, 2011      

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The U.S. dollar traded mixed against major currencies in late New York trading on Wednesday as the Fed announced it would continue its 600-billion-dollar quantitative easing policy.

The Federal Reserve announced its decision in a statement following its policy-setting meeting.

The Fed said the economic recovery is continuing, though at a rate that has been insufficient to bring about a significant improvement in labor market conditions.

Also, the Fed said the inflation was "somewhat low," giving it another reason to continue its stimulus plan.

Meanwhile, the Dow Jones industrial average broke through 12, 000 for the first time in two and a half years on Wednesday, which helped raise optimism in the market.

The dollar index slipped to near 77.80 on Wednesday's trading session.

The euro and the British pound both rose against the dollar in late Wednesday trading, while the dollar surged against the Japanese yen.

In late Wednesday trading, the dollar bought 82.45 yen, comparing with 82.15 late Tuesday, and the euro rose to 1.3687 dollars from 1.3675.

The British pound also rose to 1.5885 dollars from 1.5798. The dollar rose from 0.9423 to 0.9438 against the Swiss franc, but fell to 0.9955 Canadian dollars from 0.9994.

Source: Xinhua
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