Dollar Falls as Fed Announces Possible QE3


Steven C. Johnson
Reuters
July 13, 2011

The dollar fell against most major currencies on Wednesday after Federal Reserve Chairman Ben Bernanke said the central bank could resort to more monetary stimulus if a sluggish U.S. economy weakens further.

That pushed the euro near $1.42, moving it further from the prior session’s four-month low beneath $1.39 and on track for its best day since mid-January.

Surprisingly swift Chinese growth data also helped divert attention, at least temporarily, from a worsening euro zone debt crisis after Fitch Ratings said an ambitious Italian deficit reduction plan would help stabilize its credit rating.

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