020 7898 0500On Wednesday the euro hit an eleven year low against the US dollar, breaking down through the 1.11 barrier following the release of mixed Eurozone economic reports. It struggled against the majority of its peers. Earlier on Wednesday the Eurozone services Purchasing Managers’ Index moved down to 53.7 in February in comparison to the forecast of 53.9. Though the figure was higher than January’s final reading of 52.7 it still indicated that service sector activity expanded at a slower pace than initially estimated.
Today we will receive further details of the European Central Bank (ECB)’s stimulus program in February. This should give more clarity on the package and how it will be rolled out. It could be big news as the ECB will also be announcing whether interest rates will remain at 0.05%.
