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FXstreet.com (Crdoba) - The Dollar is extending its gains across the board following the FED's decision to raise the discount rate. USD/JPY jumped form 91.25 to 92.02, so far, reaching the highest price since January 14. The Dollar has risen 200 pips in the last three days.
Against European currencies the Yen has remained relatively stable after the FED announcement. The main driver of the market is currently the US Dollar.
"The Fed moved to increase the discount rate, by 25 basis points to 75 basis points, in late NY afternoon trading following the close of exchanges in New York. It stressed that this was not a change to monetary policy or the outlook on the economy and is consistent with what was said in the January meeting of the FOMC", Nick Nasad, from CMS Forex said.
"Therefore, this move was flagged already to the market, but the reaction was for the greenback to strengthen", Nasad affirmed.
Forex: USD/JPY rises to 92.00, 1-month high
Posted 2/18/2010 5:56 PM ET by from FXstreet.com
Against European currencies the Yen has remained relatively stable after the FED announcement. The main driver of the market is currently the US Dollar.
"The Fed moved to increase the discount rate, by 25 basis points to 75 basis points, in late NY afternoon trading following the close of exchanges in New York. It stressed that this was not a change to monetary policy or the outlook on the economy and is consistent with what was said in the January meeting of the FOMC", Nick Nasad, from CMS Forex said.
"Therefore, this move was flagged already to the market, but the reaction was for the greenback to strengthen", Nasad affirmed.
