Bet on Greenback Gains Against Yen at eToro

The Federal Reserve stated that it anticipates the US economy to continue on its current path of steady growth for the upcoming quarters. Although analysts were expecting to be presented with dovish remarks by the Fed, no indication of further quantitative easing was given to the nation.

Due to the Federal Open Market Committee's confidence in the future growth of the US economy, the greenback gained momentum against its safe haven rival, the Japanese Yen. Although the US Dollar did decrease against the Euro and the Great Britain Pound, the American currency remains strong and sturdy and likely fell due to the unexpected affirmation of the FOMC's disregard of QE3.

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The FOMC further discussed an increase in strength and health for the US economy in its sentiments when it confirmed that although the unemployment data has slightly increased in the past week, the rate still remained elevated which signals consumer confidence and economic growth. The Fed did not increase the interest rate and confirmed that it will remain near zero until early 2014 when growth begins to increase at a steeper pace.

This information elevated the greenback higher than the yen from 81.30 to 81.69. Although the increase is not an extreme jump, it is significant for forex traders that are applying the same judgment as the FOMC which is steady growth. Remember, it only takes one pip point to earn up to 70% earnings with eToro!