The dollar has failed to made much headway in forex trading this morning (October 15th), following the chairman of the Federal Reserve's (Fed) comments on stimulus measures.
Ben Bernanke said yesterday that the central bank's decision to implement monetary easing to keep interests low is a step in the right direction – and is one other such institutions have taken to boost global growth.
His statement followed criticism from Brazil that the US's financial decision has hurt emerging economies.
Furthermore, chief of the International Monetary Fund (IMF) Christine Lagarde warned of asset bubbles forming in these nations as a consequence of monetary easing.
Speaking at the IMF and World Bank summit in Tokyo, Mr Bernanke said: "By boosting US spending and growth, it has the effect of helping to support the global economy as well."
At 10:20 BST, the dollar was marginally weaker versus the euro at $1 for every €0.771, while the greenback was firm against the pound at $1 equalling £0.622.
Find out about the dollar and forex trading at City Index
StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.