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22/12/2013 09:15 AST
The dollar is losing ground against its major competitors on Friday, following the unexpected upward revision to U.S. GDP data for the third quarter. The data served as further justification for the Federal Reserve's decision Wednesday afternoon to taper its massive bond-buying program by $10 billion to $75 billion per month.
Beginning in January, the Fed will buy mortgage-backed securities at a pace of $35 billion per month rather than $40 billion per month, and will add to its holdings of longer-term Treasury securities at a pace of $40 billion per month rather than $45 billion per month.
Policy makers want to see sustained jobs creation and an uptick in the rate of inflation before further scaling back their unprecedented support measures. They say any additional reduction in the size of QE3 will be contingent on economic data.
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Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
US Dollar | 1.00 |
Saudi Riyal | 3.75 |
Derham Emirati | 3.67 |
Qatari Riyal | 3.65 |
Kuwaiti Dinar | 0.30 |
Bahraini Dinar | 0.38 |
Omani Riyal | 0.39 |
Euro | 0.81 |
British Pound | 0.71 |
Japanese Yen | 104.70 |
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