Dollar holds steady vs euro and yen before US reports and ECB meeting

Dollar holds steady vs euro and yen before US reports and ECB meeting

4 March 2015, 09:27
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On Wednesday the greenback was steady against the euro and the yen, as market players looked ahead to a fresh series of U.S. economic reports and a European Central Bank meeting for further indications on the direction of monetary policy.

EUR/USD was at five-week lows of 1.1163, while USD/JPY was last at 119.73, holding below Tuesday’s highs of 120.25.

So far this year, the dollar has been growing as upbeat economic data showed that the economic recovery was on track, supporting expectations for higher interest rates.

The U.S. was expected to release survey data on service sector activity and a report on private sector jobs growth later Wednesday, ahead of Friday’s nonfarm payrolls report.

The euro zone currency was pressured as investors turned their attention to the upcoming ECB meeting due on Thursday, when it was expected to announce details of its quantitative easing program, which is due to start this month.

Elsewhere, the euro was little changed against the yen, with EUR/JPY at 133.77.

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