During today’s early trading session, Asian stocks continued to trade lower off the back of yesterday’s declining U.S. stock market, losses on Wall Street prompted investors to take profits in Tokyo.

During the European session, the Euro dropped against the Dollar following weak European data. The Spanish and Italian Services PMI showed worse than expected figures and more importantly the European Market Composite PMI, Services PMI and the German Services PMI came out negative. The GBP also declined against the Dollar after a week Services PMI during the month of February and is currently trading around 1.530, its lowest level in 3 weeks.

Traders are now awaiting Thursdays ECB Press conference, it is expected that ECB officials will announce the plans of its quantitative easing program. Implementing further stimulus could weaken the Euro against a basket of major currencies over the long term.

During early U.S. trade, The Dollar Index rallied to its highest level in nearly 3 weeks following U.S. economic reports, despite the ADP Nonfarm Employment change showing a lower than expected figure, the ISM Non Manufacturing PMI came out stronger indicating improved economic conditions for the Composite index. Traders are now awaiting the release of Fridays Nonfarm Payrolls expected to increase by 240,000, if the released figure is higher, then this could strengthen the Dollar over the short term. Recent and possible near future positive reports from the U.S. could influence the Fed to increase interest rates in the coming FOMC meetings.

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