The Japanese yen on Wednesday ceased two consecutive trading sessions of losses against the U.S. dollar as Chairman Ben Bernanke with the U.S. Federal Reserve prepares to address reporters following two days of policy meetings, Bloomberg reports.
Speculation is mounting that the Fed chief will decline to indicate that the institution is ceasing bond purchases once the Federal Open Market Committee closes its meetings on Wednesday afternoon. The Japanese yen demonstrated gains against the majority of its counterpart monetary units on foreign exchange markets. Its climb against the dollar on Wednesday was as much as 0.2 percent after it endured losses of 1.1 percent during the past two trading sessions.
"The message is very much nervous, choppy price action going into Bernanke," chief currency strategist Robert Rennie with Westpac Banking Corp. in Sydney told the news outlet on Wednesday.
Economic forecasts also are slated to be among the topics under discussion with the central bank of the U.S.
MarketWatch reports monetary stimulus programs, and even discussion about the economy-spurring measures, tend to draw down or spur the value of monetary units.
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