USD Weakens In Forex Market

Broad US Dollar weakness in the forex market helped propel EUR/USD 100 pips past 1.4760 to 1.4860, exceeding initial bull targets, and USD/CHF fell to a 3-week low around 1.0830. The Eurozone Purchasing Managers Index, a measure of private sector activity, rose to 52.7 in February from 51.8 a month earlier, instead of contracting to an expected 51.4.

European and US stocks fell amid concerns about the financial crisis, thus the Japanese yen advanced against other currencies such as Euro and US dollar as investors pare their carry trade positions. USD/JPY fell below 107.00.