EURO (EUR/USD)
Euro decreased by 0.1 percent yesterday as markets discounted the speech by the President of European Central Bank who said that the European Parliament on Monday that to make "the euro areas more resilient, contributions from all policy areas are needed”, thereby hinting towards more easing.
At the bank's last monetary policy meeting in January, Draghi announced that the Governing Council would review and possibly reconsider its stimulus program in early March. Moreover, lack of important economic data releases from the nation kept the trading volume slight.
STERLING POUND (GBP/USD)
Sterling Pound traded lower marginally by 0.06 percent yesterday in a bleak message from Financial Policy Committee member Adair Turner forecasted that given the current conditions, the UK interest rate may not pass 2% by 2020. This along with the ongoing debate in the House of Commons over the UK-EU Referendum kept the Sterling Pound pressurized.
However, sharp losses were capped owing to robust release of earnings and inflation data from the nation. Consumer price inflation showed small signs of rising. This acted as a positive factor of the currency. The currency made an intraday low of 1.4233 and closed at 1.4294 on Wednesday.
JAPANESE YEN (JPY/USD)
The Japanese Yen depreciated by 0.02 percent yesterday after Iran voiced support to freeze output levels along with other two top oil exporters i.e. Russia and Saudi Arabia. This pushed the crude oil prices upwards on hopes that big producers will cap production, improving investors' appetite for riskier assets.
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