US$ recovers against yen on Fed message

London

THE US dollar fell to its lowest in a week against the euro but recovered some ground against the yen on Thursday after the US Federal Reserve meeting balanced hints of a rise in interest rates this year with cuts in the longer-term outlook.

On balance, the Fed's message on Wednesday did not go as far as some in currency markets had expected towards outright promising a rise in borrowing costs by the end of the year.