Majors

Majors: The greenback strengthened against both the Japanese Yen (91.42) and the Euro (1.3620) after the U.S.?discount rate was raised by 25 basis points to 0.75 per cent which had the market speculating as to when the Federal Reserve would begin to withdraw monetary stimulus. The Euro hit a nine-month low of 1.5342 soon after the surprise rate announcement, the first such increase in three years, but recaptured some of the losses during the New York session. A Federal Reserve President in New York Mr William Dudley said the rate increase was a "small technical change" that doesnt signal a shift in monetary policy. In economic news, U.S. inflation increased by a less-than-expected 0.2 per cent in January. Meanwhile, the greenback hit a 5-week high against the Japanese Yen on Friday at 92.13.?