The euro slipped slightly against the dollar and the yen was also marginally lower on Tuesday as market fears eased after Monday’s global equities rout.
A 20-dollar US bill. (AFP/Mark Wilson)
NEW YORK: The euro slipped slightly against the dollar and the yen was also marginally lower on Tuesday as market fears eased after Monday’s global equities rout.
At 2200 GMT the euro was at $1.3515, compared with $1.3529 late Monday.
The dollar rose to 101.64 yen from 100.94 yen, and the euro climbed to 137.36 yen from 136.58.
There was little fresh news to follow the huge fall in a key US purchasing managers index for the manufacturing sector that sparked sharp equities losses on Monday.
But analysts said that harsh winter weather had continued to dampen economic activity in the US last month, and cautioned not to read too much into the figure.
Attention instead was turning to the European Central Bank’s governing council meeting on Thursday, with some analysts tipping a rate cut to head off deflation.
The following day the United States will release its job creation and unemployment report for January, with many waiting to see if December’s shock weakness is reversed.
“The ECB’s interest rate announcement and US payrolls later this week have the potential to weigh on foreign currencies,” said Nick Bennenbroek at Wells Fargo Securities.
“We maintain a slight bias towards US dollar strength.”
The British pound meanwhile pushed higher, to $1.6326 from $1.6309, and the dollar rose to 0.9037 Swiss franc from 0.9005 franc.
Source AFP
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