Major Currency Pairs Analysis: EUR/USD, GBP/USD, USD/JPY
ICM Brokers | Mar 05, 2015 03:09AM ET
EUR/USD
The euro slid to six-week lows against the dollar on Wednesday following the release of mixed euro zone economic reports, as investors awaited details of the European Central Bank’s stimulus program on Thursday. The drop in the euro came despite data on Wednesday showing that the euro zone services sector index increased to 53.7 in February from a final reading of 52.7 in January. Another report showed that euro zone retail sales jumped sharply higher in January.
GBP/USD
The pound fell to two week lows against the dollar on Wednesday after data showing British service sector output expanded at a slower rate than expected last month. Research group Markit said the services purchasing managers’ index ticked down to 56.7 from 57.2 in January. Economists had expected the index to rise to 57.5.
USD/JPY
The dollar was steady against the Japanese yen on Wednesday as investors looked ahead to a fresh batch of U.S. economic reports and a European Central Bank meeting for further indications on the direction of monetary policy.
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