An upwards trend has been recorded this morning in Asia's stock markets, led by export-sector stock and inspired by the Fed chairman's statements that he would continue supporting the world's largest economy by quantitative easing. As such, the Tokyo Stock Exchange rose by 0.8%, the Hong Kong stock exchange rose by 0.3% and the Seoul stock exchange increased by 0.3%.
The Federal Reserve avoided making any police changes as part of the first FOMC meeting of 2011. The Fed's announcement was slightly more optimistic regarding possible improvements in the American labor market. Chairman Ben Bernanke had left the United States interest rate unchanged, at its 0.0%-0.25% low, avoiding any change to the second quantitative easing program announced in November.
The Fed's economic prediction was moderate despite recent signs seen in the United States that seem to suggest that the economic recovery is accelerating. In its announcement, the Fed stated that the high unemployment rate in the United States continues to form a justification of the bank's second quantitative easing program.
In the global currency market, the United States dollar weakens to its lowest level since November as compared to the world's leading currencies. Currently the dollar is trading against the Euro around the level of 1.3720 United States dollars for one Euro.The British pound to a level of 1.5960 United States dollars for one pound.
