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- US focus: Dollar little changed after FOMC
US focus: Dollar little changed after FOMC
The dollar was little changed against the euro after the Federal Reserve said it will maintain monetary stimulus after completing a Treasury-purchase program because economic growth remains sluggish.
The greenback was little changed versus the yen as the Fed maintained its vow to keep interest rates low for an “extended period” after a second round of Treasury purchases failed to improve the economy.
The euro fell earlier versus most major currencies on speculation Greek Prime Minister George Papandreou will struggle to pass austerity measures, even after winning a confidence vote yesterday.
Papandreou will seek approval next week for a 78 billion-euro ($112 billion) package of budget cuts and asset sales to help ensure more financial aid from the European Union and the International Monetary Fund and stave off the threat of default.
The pound fell for the first time in four days against the greenback as minutes of the latest Bank of England meeting showed some policy makers saw a risk that more bond purchases may be required.
Fed Chairman Ben S. Bernanke holds a press conference later.
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