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Dollar Mixed on Bernanke Comment
Jul 15,2011 10:34CST
data analysis
Source:SMM
The U.S. dollar traded mixed against major currencies in late New York trading on Thursday as Federal Reserve Chairman Ben Bernanke said there won't be immediate economic stimulus.

NEW YORK, Jul. 15 -- The U.S. dollar traded mixed against major currencies in late New York trading on Thursday as Federal Reserve Chairman Ben Bernanke said there won't be immediate economic stimulus.

The central bank chief told the Senate Banking Committee that a new round of stimulus won't be launched soon as the Fed was still assessing the economic growth.

"We are not prepared at this point to take further action," Bernanke said in his testimony. "We would like see if, in fact, the economy does pick up as we are projecting."

His comments helped to snap the dollar's downward trend on Thursday. The greenback had lost ground in previous trading session as Bernanke hinted Wednesday that there might be further monetary easing policy as the economic recovery was still sluggish.

However, the dollar was still under pressure as the rating agency Moody's on Wednesday put U.S. government's Aaa bond rating on review for possible downgrade as the deadline of U.S. government debt ceiling was approaching.

The dollar index rose 0.1 percent to 75.29 in late trading session.

Meanwhile, the concerns about the European debt crisis also pressured on the euro as the shared currency fell against the greenback on Thursday.

In late Thursday trading, the dollar bought 79.11 Japanese yen, comparing with 78.99 yen late Wednesday, and the euro fell to 1. 4135 dollars from 1.4151.

The British pound rose to 1.6127 dollars from 1.6110. The dollar fell from 0.8199 Swiss francs to 0.8173, but rose to 0.9604 Canadian dollars from 0.9588.

 

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