Quantcast
Latest Stories

Dollar edges higher as Bernanke confirms stimulus



AP FILE PHOTO

NEW YORK — The dollar edged higher Tuesday against the euro after Ben Bernanke confirmed the US Fed’s stimulus program would continue, while the yen traded flat ahead of the nomination of a new Bank of Japan chief.

At 2200 GMT the euro was at $1.3061, compared to $1.3065 late Monday. The euro remained under pressure after Italy’s inconclusive election, which some fear could lead to more political trouble and policy stalemate in the country.

“Political uncertainty has increased in Italy following the election results weighing upon the euro and risk assets,” said Lee Hardman, currency analyst at the Bank of Tokyo-Mitsubishi UFJ in London.

In Washington, Federal Reserve Chairman Bernanke quelled speculation of an early end to quantitative easing when he told a Senate panel that the Fed’s stimulus program was having an impact and was still needed.

He said inflation remained subdued and the Fed was keeping its eye on any potentially risky behavior in the market due to low interest rates.

The Fed policy board “remains confident that it has the tools necessary to tighten monetary policy when the time comes to do so,” he added.

The yen was barely changed against the dollar at 91.93, and the euro was at 120.08 yen compared to 120.12 yen late Monday.

Markets were waiting for confirmation of who would be named to head the bank of Japan, after newspapers reported Monday that Asian Development Bank chief Haruhiko Kuroda, an advocate of a lower yen, would be named.

The British pound fell further, to $1.5126 from $1.5166 late Monday. The dollar was little changed on the Swiss franc, at 0.9315 francs.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Ben Bernanke , Business , currencies , dollar



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • ‘I’ll make it,’ says young ferry passenger to family
  • Bad weather halts rescue after deadliest Everest disaster
  • Gigi Reyes has no other option but to turn state witness — Santiago
  • US weighing military exercises in Eastern Europe
  • Rains loom in Surigao as LPA nears
  • Sports

  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Warriors beat Clippers in playoff opener
  • Pacquiao top Mayweather contender
  • Rain or Shine, Ginebra clash for No. 6 spot
  • Lifestyle

  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Joe de Venecia visits the Queen Mother of Cambodia
  • Fashionistas flock to designer’s wedding
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Asia seeks Obama’s assurance in territorial spats
  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Filipinos in US poised for success
  • Visas for priests and other faith leaders
  • DOH to continue tracking co-passengers of OFW infected with MERS virus
  • Marketplace