Bernanke leaves euro steady against dollar

The euro is holding firm against the dollar today (20 November) after the US Federal Reserve indicated that it is likely to holding off on tapering asset purchasing for a while longer.

In late Asian trade the single currency ticked up just 0.03% to stand at 1.3540 against the Greenback, as the exchange rate stabilised after the nearly three-week highs seen earlier in the session.

Yesterday Federal Reserve chair Ben Bernanke sent the dollar plummeting against the euro, with the common currency reaching its highest levels since the start of the month at 1.3578.

Mr Bernanke reiterated the Fed's accommodative stance will be maintained for as long as necessary, meaning its huge monetary easing programme will only be wound back when it is certain the employment market will continue to pick up.

He added that interest rates will probably stay very low for some time after the bond-buying programme is eased.

Elsewhere, the euro also relaxed against the yen after reaching impressive four-year highs yesterday as pressure continues to mount on the Japanese currency.