The euro fell for a fifth day against the
dollar, approaching the weakest level since 2003, as reports on
services growth in Italy and Spain fell short of economist
estimates.
Europe’s common currency extended its drop before a
European Central Bank policy meeting on Thursday, at which
officials may give details of their expanded bond-buying program
known as quantitative easing.
The dollar advanced before a private report today that analysts said will show the world’s largest economy added jobs at a faster pace in February.
“It’s worth noting that the market may want to increase their short-euro exposure ahead of the ECB actually starting their QE program,” said Sam Lynton-Brown, a currency strategist at BNP Paribas SA in London. “While the announcement led to euro weakness, we also think the flow impact of QE is going to be very important.”
The euro weakened 0.5 percent to $1.1123 at 9:20 a.m.
London time. It fell earlier to $1.1116, the lowest since Jan.
26, when it reached the weakest since September 2003.
The dollar advanced before a private report today that analysts said will show the world’s largest economy added jobs at a faster pace in February.
“It’s worth noting that the market may want to increase their short-euro exposure ahead of the ECB actually starting their QE program,” said Sam Lynton-Brown, a currency strategist at BNP Paribas SA in London. “While the announcement led to euro weakness, we also think the flow impact of QE is going to be very important.”
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