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Euro holds on

Euro holds on

Having dipped to $1.3280 versus USD overnight, the euro managed to rally this morning, regaining $1.3340 on little news. GBP/EUR drifted back below 1.2020, with the single currency managing to retain support.

UK construction activity was surprisingly strong in February despite the bad weather. The headline PMI index rose to 54.3, which was its highest rate since March 2011. GBP/USD is inching higher on as the US dollar is showing signs of weakness, helped at the same time by an increased trend for riskier assets.

Australia kept interest rates on hold while was as expected so we have seen a very negligible adjustment in GBP/AUD.

This evening USD will be in focus later Minutes of the 13th March FOMC meeting will doubtless show the divisions between the hawks and the doves on the FOMC. Given Bernanke’s stance is not to rule out further QE should the labour market stall then the most interesting debate will likely be on the outlook for employment.

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