Market Commentary and Intraday News
Dollar rises as Bernanke gives no hint of stimulus
310 days ago
(AP:NEW YORK) The dollar is rising against the euro after Federal Reserve Chairman Ben Bernanke gave no indication that the Fed was about to step in again to help the U.S. economy.
In his second day of testimony before Congress, Bernanke said Wednesday economic growth remains weak and that the Fed will contemplate additional action if unemployment stays high.
But he offered no hints that the Fed would launch another round of bond purchases. The Fed has already launched two rounds of bond purchases, most recently in August 2010. Those programs push interest rates lower and can weaken the dollar.
The euro fell to $1.2269 in afternoon trading Wednesday from $1.2289 late Tuesday. The British pound fell to $1.5650 from $1.5647.
The dollar fell to 78.79 Japanese yen from 79.09 yen.
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