Market info

Dollar firms against European currencies

04 Mar  - Fundamental 

The dollar advanced against the euro and the pound Thursday ahead of U.S. economic data and interest decisions by the Bank of England and the European Central Bank.

What prices are doing: The dollar rose 0.2% against the euro to $1.3676 and edged 0.1% higher against the pound to $1.5081. The greenback slipped 0.1% against the yen to ¥88.39.

The dollar lost ground Wednesday against major currencies after Greece announced cost-cutting measures and revenue generators to reduce its deficit this year.

What's moving the market: The Bank of England and the European Central Bank are expected to hold interest rates steady, but investors will be looking for hints in their announcements to determine when the central banks will raise rates.

Earlier this week, the pound slipped on expectations that the Bank of England will expand its quantitative easing program, which the central bank uses to purchase assets.

Investors will also be eying the results of Greece's sale of €5 billion, $6.8 billion, worth of 10-year government bonds.

The number of Americans that filed for first-time unemployment insurance last week is due from the Labor Department ahead of the opening bell Thursday. Economists expect jobless claims to drop to 470,000.

The figures come ahead of the highly-anticipated February jobs report due Friday. Economists expect that employers shed 20,000 jobs during the month and that the unemployment rate will tick up to 9.8% from 9.7% in January.

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