Dollar rises against euro, yen after Fed statement

AP News
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Posted: Mar 13, 2012 3:45 PM
Dollar rises against euro, yen after Fed statement

The dollar rose against the euro, and hit and 11-month against the yen, after the Federal Reserve said that the economy has been improving since its last meeting in January.

The Fed also said it expects the job market to improve steadily. The comments were made in a statement after a one-day policy meeting.

As expected, the Fed didn't take any steps for further economic stimulus.

The euro fell to $1.3073 late Tuesday from $1.3150 late Monday.

The dollar soared to 83.08 yen after the Fed statement, its highest point since April 15. It slipped to 82.89 yen late Tuesday. The dollar was worth 82.26 yen late Monday.

The Bank of Japan also met early Tuesday and said that it will not increase its stimulus program, but the bank's governor said that they would monitor the economy to see if more stimulus in needed. The yen has been weakening against the dollar ever since the Bank of Japan increased its economic stimulus program on Feb. 14.

In other trading, the British pound rose to $1.5680 from $1.5637. The dollar fell to 98.97 Canadian cents from 99.34 Canadian cents. The dollar rose to 0.9244 Swiss franc from 0.9169 Swiss franc.