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The Euro declined on
Tuesday as dismal euro zone service
sector data fueled expectations the
European Central Bank might follow the
United States in rates. Meanwhile, the
Dollar pared early US gains versus the
Yen after a report showed a sharp drop
in US service sector as well
in January. The weak data is
reinforced fears the economy is slowing
even as the Federal Reserve cuts rates
aggressively to revive growth. |
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EurUsd fell more than 1% after
figures showed service sector growth
across |
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15-nation bloc slowed in January to
its most sluggish in 4-1/2 years.
Germany, Spain |
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A separate report showed euro-zone
retail sales defied expectations of
a monthly rise in December and fell,
underscoring a slowing economy. |
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At yesterday
close, EurUsd was down about 1.28%
at 1.4635, its steepest one-day loss
since mid-January. |
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Forex Planning |
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The ECB meets to set interest
rates on Thursday and is mostly
expected to keep them on hold at
4%. |
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UsdJpy traded down 0.18% at 106.53
after earlier climbing as high as
107.74.
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The US currency gave up all its
gains after the dismal showing in
the ISM’s non-manufacturing Index. |
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The Index
stepped in January to levels not
seen since the 2001 recession. |
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| Investing |
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The
Fed's aggressive rate cuts in
recent months lent some support to
the Dollar as investors took the
view the bold action would sustain
the US economy and fuel a recovery
later in the year. |
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The
Fed has already slashed its key
rate by 225bp
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The
Bank of England also meets to set
rates on |
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AUD dropped even as benchmark
borrowing costs rose to an 11-year
high of 7%. AudUsd traded down
1.27% at 0.8958. |
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