The US dollar on Friday eased in Asian trading, but was still above the lows reached this week, as the Federal Reserve’s remarks on interest rates pushed the greenback down.
The currency declined on Wednesday following the US central bank reduced its inflation predictions and its growth projections did not change the long-term view the divergent global monetary policy forecasts would amplify the dollar in the next three months.
Against the Japanese yen, the dollar inched down around 0.1% to ¥120.72 from Wednesday’s ¥119.29. It also ended at $1.0678 per euro.
The result of the FOMC meeting did not rule out rate cut… “so the yen has come back a bit, as we near the end of the month, quarter and Japanese fiscal year,” said Ayako Sera, Market Strategist at Sumitomo Mitsui Trust Bank.
The material has been provided by InstaForex Company – www.instaforex.com