The Straits Times
Published on Oct 11, 2012

Major currencies flat as Federal Reserve report fails to excite


NEW YORK (AFP) - The euro edged slightly higher against the dollar on Wednesday in a generally quiet forex market unmoved by the slight improvements in the United States economy noted in the Federal Reserve's Beige Book survey.

"Trading during the North American trading session was pretty boring today in the FX world as equities are garnering most of the attention. The earnings season is upon us and evidently, equities traders aren't too happy with what they are seeing so far," said Mr Neil Gilbert of GFT.

"Despite the downtrodden feel on Wall Street, the euro/dollar rate and other similar risk-based currency pairs rose slightly during the North American trading session."

At 2100 GMT (5am, Singapore time), the euro was at US$1.2887, compared with US$1.2881 late Tuesday.