Euro bounces on Fed statement

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The Euro has rebounded slightly from yesterday after a neutral stance yesterday by the US Federal Reserve in their latest monetary statement.

At 12.48pm (GMT) the European currency was trading at $US1.1349 up 0.24 percent from yesterday’s trade.

Analysts yesterday unanimously agreed that the central bank would keep rates on home but it was the following monetary speech that was of significance with investors eying a dovish or bullish approach from US Fed president Janet Yellen.

The Fed president reiterated that they would take a cautious approach and any move in rates would depend on future incoming data.

Some analysts noted the removal of key concerns such as worries over economic growth and problems in China and still believe the Fed is on track to raise rates at least twice this year,

"The comments did not change the direction of the dollar because the two rate hikes by the Fed remain intact," said Minh Trang, senior currency trader at Silicon Valley Bank in Santa Clara, California.

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