The euro rallied today versus the dollar and yen as selling pressure on the common currency eased as speculation rose that ECB policy makers will act to prevent the spread of the region’s debt crisis during their meeting tomorrow.
The euro jumped to1.3107, up over 1% from its lowest point of the day, but still marking a decline of around 2% from its highest point of the week. Against the yen the common currency rose to 109.80 yen. The dollar traded recently at 83.80 yen, little changed from 83.70 late Tuesday in New York, while the pound rose to $1.5625 from $1.5556 after the release of better than expected retail sales data.
Later today the release of the ADP Non-Farm Payroll data and ISM Manufacturing PMI at 13:15 and 15:00 GMT respectively is expected to shed further light on market conditions and direction heading to Friday’s release of the U.S Non-farm Payroll data.
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