Thursday's Major Currency Pairs Analysis: Pound Falls, Yen Is Stronger
ICM Brokers | Apr 02, 2015 04:01AM ET
EUR/USD
The euro moved slightly higher against the dollar on Wednesday, following the release of weaker than expected U.S. employment and manufacturing data. The modest gains, however, were softened by continuing drama in Greece, as the nation's sovereign debt crisis weighed on the euro. The euro retreated in U.S. afternoon trading after Goldman Sachs (NYSE:GS) released an ominous note to investors on the ramifications of a potential Greek default if the nation leaves the European Union.
GBP/USD
The pound fell to more than one-week lows against the dollar on Wednesday, in spite of data showing that the U.K. manufacturing sector expanded at the fastest rate in eight months in March. The report indicated that output in the U.K. manufacturing sector grew by 0.6% in the quarter of 2015 compared with the previous quarter, after 0.2% growth in the same period last year.
USD/JPY
The yen quoted stronger in early Asia on Wednesday ahead of a key data from China on manufacturing and surveys in Japan. The U.S. Dollar Index, which measures the strength of the greenback versus a basket of six other major currencies, was quoted at 98.78 in early Asia, up 0.09%. In Japan, the Q1 Tankan business survey is due .The diffusion index for sentiment among major manufacturers is expected at plus-16 in March, up from plus-12 in December for the first rise in two quarters.
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