The US dollar held steady at $1.3791 against the euro, after the slip down of 0.4 % on 8th April 2014. Against the yen, the greenback rose 0.1 % to 101.94 following a decrease of 1.3 %. Masato Yanagiya, the head of foreign exchange and money trading in New York at Sumitomo Mitsui Banking Corp., a unit of Japan’s second-biggest financial group by market value in a statement mentioned that the dollar is expected to bottom out and the sentiment remains bullish on the U.S. economy.
At the March 18-19 meeting, the U.S. central bank trimmed its monthly bond purchases by $10 billion to $55 billion. Further, Fed Chair Janet Yellen mentioned the possibility of increase in rate by the central bank.
Investors speculate on today’s release of the reports by the Federal Reserve about the March meeting. The demand for the US dollar was buoyed as the investors consider the time at which hike in the rates will be initiated by the U.S. central bank.
With little change in the Bloomberg Dollar Spot Index, the U.S. currency against its 10 major counterparts, the reading was at 1,008.85. The greenback came down 1.1 % on 8th April three sessions to the lowest level of Oct. 30 at 1,008.53.With the increase of 1 % against the greenback, the won moved up to 1,042.35 after moving to a high of 1,040.46, the maximum since August 2008.
Son Eun Jeong, a Seoul-based foreign-exchange analyst at Woori Futures Co gave a statement that the globally weak dollar and the Korean government refraining from statements about currency appreciation has provided the support for won.
While the Bank of Korea will let the market set exchange rates “in principle,” it will act against temporary, excessive or one-way bets, Governor Lee Ju Yeol said in a prepared response ahead of a parliamentary hearing last month.
For More Information: http://goo.gl/6zqCVk
No comments:
Post a Comment