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Dollar rises as Fed hope fades

08-25-2012 04:55 BJT

NEW YORK, Aug. 24 (Xinhua) -- The U.S. dollar rose against most major currencies in late New York trading on Friday as expectations for further easing monetary policies by the Federal Reserve faded.

The Fed's latest minutes of monetary policy meeting raised investors' expectations for additional monetary stimulus on Wednesday. However, Fed Chairman Ben Bernankeon Friday said that the impact of Operation Twist is still working its way through the economy, implying that the Fed will not introduce more easing measures soon.

The dollar rose on Friday after Investors' expectations were dampened by the Fed chief's comment. The dollar index gained 0.244 to 81.603.

Meanwhile, the euro dropped on Friday after four consecutive gaining session against the dollar, although the European Central Bank is poised to step into European countries' bond markets to help push down the borrowing costs.

Britain's Office for National Statistics said the country's gross domestic product shrank 0.5 percent in the second quarter, lower than the previous estimate of 0.7 percent decrease. The British pound extended losses on Friday against the dollar after the economic report.

In late Friday trading, the dollar bought 78.70 Japanese yen, compared with 78.47 from late Thursday. The euro fell to 1.2519 dollars from 1.2566.

The British pound also fell to 1.5810 dollars from 1.5864. The dollar rose from 0.9559 Swiss francs to 0.9592, but fell to 0.9912 Canadian dollars from 0.9935.

Editor:James |Source: Xinhua

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