By Lisa Twaronite, MarketWatch
TOKYO (MarketWatch) — The dollar slipped in Asian trading Friday, after Federal Reserve Chairman Ben Bernanke defended the central bank’s quantitative-easing program.
“Fully aware of the important role that the dollar plays in the international monetary and financial system, the [Federal Open Market Committee] believes that the best way to continue to deliver the strong economic fundamentals that underpin the value of the dollar, as well as to support the global recovery, is through policies that lead to a resumption of robust growth in the context of price stability in the United States,” Bernanke said in a speech prepared for a conference at the European Central Bank on Friday morning. Read more on Bernanke speech
Bernanke also said that China’s decision to undervalue the yuan has essentially thrown a monkey wrench into the global economic recovery.
The euro (EURUSD 1.3718, +0.0072, +0.5277%) rose to $1.3680 from $1.3630 in late North American trading on Thursday. See real-time currency quotes and tools
The dollar index (DXY 78.22, -0.40, -0.50%) , which measures the greenback against a basket of six other major currencies, fell to 78.361 from 78.644 late Thursday.
The British pound (GBPUSD 1.6074, +0.0035, +0.2182%) rose to $1.6061 from $1.6042 late Thursday.
The dollar (USDYEN 83.2000, -0.3500, -0.4191%) slipped against the Japanese yen, trading at ¥83.16, down from ¥83.53 Thursday.
