Majors, March 03, 2010

Majors: The Euro made a new low overnight exchange at 1.3435 against the Greenback with inflation in the Euro-zone dropping from an annual rate of 1% in January to 0.9% in February. Support held however better than expected producer prices gave the Euro a boost along with the likelihood of the announcement of further budget cuts by Greece possible as early as tomorrow. The big dollar weakened across the board following the return to risk with EUR/USD finishing at 1.3600 and USD/JPY at 88.65 with the latter trading at its lowest level in 2010. With no meaningful U.S economic data released overnight it was a relatively subdued North American session as investors eye Friday’s employment report for an update on the state of the economy.