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Dollar slips after Bernanke reinforces Fed's dovish view

$1 trillion dollar coin concept
Image source: DonkeyHotey | Flickr
$1 trillion dollar coin concept

The dollar edged lower versus the euro on Wednesday after U.S. Federal Reserve Chairman Ben Bernanke said the Fed will maintain its ultra-easy monetary policy for as long as needed.

The dollar fell 0.2 percent against Japan's currency to under 100 yen, having risen for much of the past month on expectations that the United States would begin to wind down its stimulus. The dollar index was also 0.1 percent lower at 80.61.

In a speech that echoed dovish comments by his nominated successor, Janet Yellen, Bernanke said that while the economy had made significant progress, it was still far from where officials wanted it to be. Bernanke said officials wanted evidence of durable job growth before scaling back the Fed's bond-buying stimulus, adding that interest rates were likely to remain near zero for a considerable time after the asset purchases end.

The euro was flat near $1.35. Earlier on Wednesday the single currency touched a high of $1.3584 on trading platform EBS, its loftiest level since Nov. 1.

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The Australian dollar slipped 0.2 percent to $0.9413, after having met solid offers at levels near $0.9450.

Investors will later scour the minutes of the Federal Open Market Committee's October meeting for clues to how soon policymakers may be prepared to scale back monetary easing. The FOMC next meets on Dec. 17 and 18.

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