Euro dropped 0.4% against the dollar at 1.3242 (09:15 GMT) as large positions had their stop loss orders to sell executed. As ECB is supporting eurozone by providing cash, euro is been used by traders to fund higher yielding asset deals, encouraging investors to take more risk. European Central Bank has completed the second round of the loan program launched in December, in which ECB provided about 529 billion euro to about 800 banks across Europe, a move which intended to help banks and the European economy to deal with the financial crisis. Greece has also secured a second bailout.
USD/JPY
The dollar signaled a nine month high against the yen on speculations that the Japanese central bank will ease their monetary policy in order to control inflation. The drop of the yen is related to the yen sold by the Japanese importers. The dollar increased around 0.7% on Friday to 81.70.
GBP/USD
Pound started Friday by falling against the dollar, first time in four days. The pound started falling before the release of the “construction PMI” report. Although the expectations signaled that U.K construction slowed in February, the actual figures were positive indicating industry expansion. Pound was down about 0.3% against the dollar today with a low at 1.5908. After the news released at 09:30 GMT, the pound got stronger and is new trading at 1.5924 (09:49 GMT).
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Forex Overview - Mar. 2
Published 03/02/2012, 08:34 AM
Updated 02/02/2022, 05:40 AM
Forex Overview - Mar. 2
EUR/USD
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