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US dollar cuts losses on yen, steady vs euro after Fed statement
May 1, 2013 / 6:21 PM / in 5 years

US dollar cuts losses on yen, steady vs euro after Fed statement

NEW YORK, May 1 (Reuters) - The U.S. dollar pared its losses against the yen on Wednesday after the U.S. Federal Reserve said it will stick to its plan to buy $85 billion in bonds each month to push down borrowing costs and prop up the U.S. economy.

The greenback surged to its best levels during the New York trading day, reaching 97.53 yen, a small gain on the session, from 97.17 yen just prior to the Fed’s statement. However it immediately started to drift lower and was last trading at 97.29 yen, off 0.13 percent on the day.

The euro briefly lost ground on the greenback following the Fed’s statement. It was last at $1.3204, up 0.27 percent on the day.

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