Investing.com - Financial Markets Worldwide

Dollar Staying In Range While DOW Closed At New High

ByActionForex
Published 07/12/2013, 05:23 AM
Updated 03/09/2019, 08:30 AM
DRP
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The dollar is in a tight range against other major currencies as the weekend approached. Markets stabilized from the earlier selloff in the greenback. Fed chairman Bernanke reiterated that the Fed would maintain the "highly accommodative monetary policy for the foreseeable future". Stocks were boosted, and the DOW jumped to close at another record high of 15460.92. St. Louis Fed Bullard's speech was on key focus Friday.

Meanwhile, the euro is struggling to extend the post FOMC gains against the dollar, and is indeed soft against other European majors. Earlier last week, the ECB's Asmussen assured that the central bank would leave the current policies for an "extended period" - over 12 months. However, the Bundesbank's Weidmann was quick enough to clarify that the central bank is not "tied itself to the mast" and that the "extended period" is the period in which policymakers expect "the key ECB interest rates to remain at present or lower levels is a flexible horizon which does not pre-specify an end-date but is conditional on the Governing Council's assessment of the economic fundamentals that determine underlying inflation". He added that "it is not an absolute advanced commitment of the interest rate path". His comments were echoed by ECB's Couere who indicated that "guidance" should not be seen as a "commitment".


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