Dollar, Yen Hold Drops Against Majors as ECB Plan Boosts Stocks

The dollar and the yen remained lower after dropping yesterday against most major peers as the European Central Bank's announcement of a new bond-buying plan damped demand for haven assets and boosted equities.

The dollar held declines against higher-yielding currencies before the U.S. government releases monthly jobs report. The euro traded near a two-month high after ECB President Mario Draghi said policy makers agreed to the unlimited purchase of government debt to reduce interest rates for struggling nations and help prevent a break-up of the European currency bloc.

“The markets turned risk-on after Draghi delivered what was expected,” said Marito Ueda, senior managing director in Tokyo at FX Prime Corp., a currency-margin company. “The dollar and yen are being sold.”

via Bloomberg