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The dollar rebounded on Thursday, surging away from a yearly low versus a basket of major counterparts after the latest out of the Federal Reserve sobered traders once convinced the economic recovery was just around the bend.
In the wake of yesterday's decision to maintain its key interest rate near zero, the Fed announced that it will scale back some of the programs it has been using to improve liquidity in the market in the wake of the financial crisis three months later than previously scheduled.
With risk aversion propping up the world's de facto reserve currency, the dollar rose to 1.4680, moving away from yesterday's yearly low of 1.4843.
The dollar also skyrocketed versus the slumping sterling, rising to a new 2-month high of 1.6032.
Against the yen, the buck improved to 91.12, staying away from a 7-month low of 90.11 set last week.
The buck pared a portion of its recent losses versus resource-linked currencies as commodity prices slid. Versus the loonie, the greenback jumped back to C$1.0900, staying away from a yearly low of C$1.0590.
Traders considered a pair of key economic reports from the US Thursday morning.
After increasing in each of the four previous months, existing home sales unexpectedly fell in August, according to a report released by the National Association of Realtors on Thursday, although sales remained up compared to the same month a year ago.
The report showed that existing home sales fell 2.7 percent to an annual rate of 5.10 million units in August from a 5.24 million unit rate in July. The decrease came as a surprise to economists, who had expected existing home sales to increase to a 5.35 million unit rate.
Meanwhile, the Labor Department released its report on initial jobless claims in the week ended September 19th, showing that first-time claims for unemployment benefits unexpectedly decreased compared to the previous week.
The report showed that jobless claims fell to 530,000 from the previous week's revised figure of 551,000. Economists had been expecting jobless claims to edge up to 550,000 from the 545,000 originally reported for the previous week.
On Friday, traders will pay particular attention the G-20 meeting in Pittsburgh, where world leaders will discuss plans to grapple with the global economic malaise.
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