Monday's Major Currency Pairs Analysis: EUR/USD, GBP/USD, USD/JPY
ICM Brokers | Apr 13, 2015 02:53AM ET
EUR/USD
Greece's finance ministry dismissed while euro zone officials were shocked at Greece's failure to outline plans for structural reforms at last week's talks in Brussels, a German newspaper on Saturday cited participants as saying, adding the Greek representative behaved like a "taxi driver", The euro zone sources told the paper that Greece's creditors do not believe this is the case and that it would be a domestic political issue if Athens is unable to fully pay salaries and pensions. Euro fell to 10615.
GBP/USD
The pound fell to five-year lows against the dollar as disappointing data on U.K. industrial production and uncertainty ahead of next month’s general elections weighed. drop in the pound came after official data showed that U.K. industrial output was weaker than expected in February. The Office of National Statistics said industrial production edged up 0.1%, undershooting forecasts of a 0.4% gain.
USD/JPY
Yen trade at 120 level remaining in its current trading range. The Japanese yen closed the first quarter flat to where it began, reflecting offsetting forces that are constraining movement in the JPY. Fundamentals are soft, and the BoJ is likely to struggle to achieve its 2% inflation goal, while the US side of the equation is strong. The Bank of Japan maintained its massive stimulus program on Wednesday and brushed aside speculation of near-term policy easing, even as inflation ground to a halt and growth stalled two years into its radical experiment to revive the economy.
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