North-West Financial Broker
Personal Area
Personal Area
03 Mar - Fundamental
The dollar slipped against other major currencies Wednesday after Greece announced measures to reduce its deficit by four percentage points this year.
What prices are doing: The dollar fell 0.4% against the euro to $1.3668, and dropped 0.5% against the pound to $1.5043. The greenback edged 0.1% lower against the yen to ¥88.76.
The dollar lost steam and reversed gains Tuesday, ending lower as the euro rose on hopes that the debt-choked Greece would make decisions take measures its deficit.
What's moving the market: Greece announced plans to make steep cuts in civil servant salaries and raise taxes to save the debt-challenged country more than $5.4 billion this year, according to a report in the Wall Street Journal's online edition.
Greek officials expect the cuts to lower Greece's budget deficit to 8.7% of the country's gross domestic product from its current level of 12.7%, according to the report.
As Greece's debt crisis begins to stabilize, investors will also be looking at U.S. economic data due later Wednesday, ahead of Friday's all-important February jobs data.
Traders will be taking in labor market reports from outplacement firm Challenger, Gray & Christmas, payroll data firm Automatic Data Processing, and employment data within the Institute of Supply Management's report on the service sector.
