Market Review - 03/03/2015 22:52GMT
Dollar weakens broadly ahead of U.S. jobs report
The greenback retreated against majority of its peers in New York session on Tuesday as investors keenly awaited the release of U.S. jobs report on Friday.
The single currency traded with a firm bias in Asia and gained to 1.1212 at European open, however, renewed selling there pressured the pair and price tumbled to session low at 1.1155 ahead of New York open. Later, euro pared its losses and rose to an intra-day high at 1.1217 on dollar's broad-based weakness before easing in New York afternoon.
Versus the Japanese yen, the greenback met renewed selling ahead at 120.27 of Asian open and tumbled sharply to 119.57 ahead of European open due to comments from Japan PM Abe's economic adviser Honda. Despite a brief recovery to 119.91 in European morning, dollar fell again and hit an intra-day low at 119.38 in New York afternoon before stabilizing.
Japan's Etsuro Honda, told the Wall Street Journal that the dollar's strength against the yen might be at a "kind of upper limit in the exchange rate's comfort zone."
The British pound also traded with a firm bias in Asia and rose to session high at 1.5398 at European open before falling in tandem with euro to an intra-day low at 1.5344 at New York open. However, cable pared its losses and recovered to 1.5394 in New York afternoon before easing again.
On the data front, RBA kept its rate unchanged at 2.25%. U.S. ISM New York index rose to 677.6 fm 671.1 previously. UK construction PMI comes in better-than-expected at 60.1 vs forecast of 59.0.
Data to be released on Wednesday:
Australia GDP, China HSBC services PMI, Italy services PMI, France services PMI, Germany services PMI, EU services PMI, retail sales, UK services PMI, Canada BoC rate decision, U.S. ADP employment and Fed beige book.
Dollar weakens broadly ahead of U.S. jobs report
The greenback retreated against majority of its peers in New York session on Tuesday as investors keenly awaited the release of U.S. jobs report on Friday.
The single currency traded with a firm bias in Asia and gained to 1.1212 at European open, however, renewed selling there pressured the pair and price tumbled to session low at 1.1155 ahead of New York open. Later, euro pared its losses and rose to an intra-day high at 1.1217 on dollar's broad-based weakness before easing in New York afternoon.
Versus the Japanese yen, the greenback met renewed selling ahead at 120.27 of Asian open and tumbled sharply to 119.57 ahead of European open due to comments from Japan PM Abe's economic adviser Honda. Despite a brief recovery to 119.91 in European morning, dollar fell again and hit an intra-day low at 119.38 in New York afternoon before stabilizing.
Japan's Etsuro Honda, told the Wall Street Journal that the dollar's strength against the yen might be at a "kind of upper limit in the exchange rate's comfort zone."
The British pound also traded with a firm bias in Asia and rose to session high at 1.5398 at European open before falling in tandem with euro to an intra-day low at 1.5344 at New York open. However, cable pared its losses and recovered to 1.5394 in New York afternoon before easing again.
On the data front, RBA kept its rate unchanged at 2.25%. U.S. ISM New York index rose to 677.6 fm 671.1 previously. UK construction PMI comes in better-than-expected at 60.1 vs forecast of 59.0.
Data to be released on Wednesday:
Australia GDP, China HSBC services PMI, Italy services PMI, France services PMI, Germany services PMI, EU services PMI, retail sales, UK services PMI, Canada BoC rate decision, U.S. ADP employment and Fed beige book.
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