Major Currency Pairs Analysis For: EUR/USD, GBP/USD, USD/JPY
ICM Brokers | Feb 27, 2015 02:14AM ET
The euro weakened to a monthly-low against the U.S. dollar, after Finance minister Wolfgang Schäuble expressed disbelief at the latest comments from Greek counterpart Yanis Varoufakis, hinting that the Greece may still be unable to meet their short term debt obligations. Still, German legislators are expected to approve a four-month extension of a euro zone bailout to Greece on Friday. In the euro zone, Germany's Federal Statistics Office said the number of unemployed people fell by 20,000 this month, compared to expectations for a drop of 10,000, while the unemployment rate held steady at 6.5% in February, in line with expectations.
Gross domestic product between October and December grew by a quarterly 0.5%, data showed confirming a preliminary reading but the pound edged lower on Thursday, after British business investment fell at its sharpest rate in nearly six years late last year, mainly due to tumbling of global oil prices. Economists said the second consecutive quarterly fall in business investment raised questions about the recovery.
The Japanese yen was up on Thursday ahead of key data set due on inflation, unemployment, industrial output and retail sales. On the other hand, a comment from Bank of Japan suggesting that hitting sustained 2% inflation in the coming year remains difficult. Meanwhile, Bank of Japan board member Koji Ishida said Thursday that any "necessary adjustment" to monetary policy should be saved for ensuring longer-term economic stability and should not be made just to hit the 2% inflation target in the near term. It is too early to debate an exit strategy but the BoJ will eventually need to go easy on massive stimulus as prices move upward, he told business leaders.
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