Dollar gets cheaper


July 29, Fineko/abc.az. The US dollar gets cheaper against the euro and the yen.

ABC.AZ reports that the weakening of the US currency began after Fed's statements at the two-day meeting on 27-28 July that there were no concerns about inflation and that the time had come for tight monetary policy.

The Fed stated at the end of the meeting that the US economy continues to recover, despite the renewed increase in the incidence of COVID-19, and the Central Bank does not intend to rush to curtail incentives.

The Fed kept the base rate in the range of 0-0.25% per annum and promised to continue to buy back assets totaling $120 bn every month, "until significant progress is made in moving towards the goals of maximum employment and price stability."

The euro/dollar pair is traded at $1.1860 on Thursday, compared with $1.1844 the day before. The dollar exchange rate against the yen is 109.78 yen versus 109.91 yen the day before.