Major Currency Pairs Analysis: EUR/USD, GBP/USD, USD/JPY
ICM Brokers | Mar 04, 2015 02:58AM ET
EUR/USD
The euro fell to one-month lows against the U.S. dollar on Tuesday, as caution ahead of the European Central Bank's monthly policy meeting overshadowed upbeat economic reports from Spain and Germany released earlier in the day. The single currency found some support after Spain’s Employment Ministry reported that the number of unemployed people declined by 13,500 last month, compared to expectations for an increase of 10,500. The number of unemployed people rose by 78,000 in January..
GBP/USD
The pound held steady against the U.S. dollar on Tuesday, after data showed that U.K. construction sector activity expanded at a faster rate than expected in February. In a report, market research firm Markit and the Chartered Institute of Purchasing & Supply said that their U.K. construction purchasing managers' index increased to 60.1 last month from a reading of 59.1 in January. Economists had expected the index to tick down to 59.0 in February.
USD/JPY
The dollar turned broadly lower against the Japanese yen in thin trade on Tuesday, as markets digested the previous session's U.S. data that sent the greenback broadly higher and no major U.S. economic reports were expected throughout the session.
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