Reuters: US Dollar Report: FOREX-Dollar holds gains vs euro after predictable Fed

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FOREX-Dollar holds gains vs euro after predictable Fed Oct 24th 2012, 20:14 Tweet Share this Email Print Wed Oct 24, 2012 4:14pm EDT * Fed keeps bond-buying scheme, statement had little changes * Euro stays near one-week low vs dollar By Gertrude Chavez-Dreyfuss NEW YORK, Oct 24 (Reuters) - The dollar held gains against the euro o n Wednesday after t he Federal Reserve p rovided no surprises at its policy meeting, sticking to its st imulus plan to boost a still sluggish U.S. economy and keeping rates low for some time. The Fed said it is keeping its bond-buying program until the job market improves. It added that the economy was slightly firmer but the unemployment rate remained elevated. "The bank appeared content to sit idle and see how its latest monetary prescriptions work their way through the economy," said Joe Manimbo, senior market analyst at Western Union Business Solutions in Washington. He added that the dollar reac ted little to the Fed statement, pr etty much clinging to its earli er gains . The euro was last down 0.2 percent against the dollar at $1.2965. It declined for a second straight session, earlier falling to a one-week low at $1.2918. Against the yen, the dollar was flat to slightly lower at 79.78 yen. Jim O'Sullivan, chief economist at High Frequency Economics pointed out that the Fed was only too happy t o keep t his week's meeting a non-event after the big changes in September and with the U.S. presidential elections less than two weeks away. Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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