Dollar Hovers Near 1-Year High On Fed; Euro Pressured |
| CNBC.com - Jul 11, 2012 |
The dollar stood close to a one-year high against a basket of major currencies on Thursday in Asia, having pushed the euro to a two-year low after minutes from a Federal Reserve meeting showed more monetary easing was not on the cards for now.
The report revealed that the world's biggest economy would have to worsen further for its central bank to turn on the money printing presses. A few officials thought further stimulus was justified, but the majority was not convinced.
That sent the dollar index [.DXY 83.50 -0.07 (-0.08%) ] soaring to a one-year high of 83.61, before it steadied at 83.47, while the euro [EUR= 1.2231 -0.0005 (-0.04%) ] licked its wounds at $1.2245 after being hammered to its lowest level in two years at 1.2212.
"The FOMC minutes were just not enough to satisfy QE3 traders who wanted a more explicit admission that further asset purchases would be necessary," said By Kathy Lien, Managing Director of FX Strategy for BK Asset Management.
Read Full Article from CNBC.com
- Posted: 2012-07-11 21:48:32
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