The US dollar has crushed its main competitors. The pair EUR/USD came under attack after the US ISM service sector positive release. In February the indicator rose to the level of 56.9 while the employment component rose to the level of 56.4 which is the highest value over the past three months and it allows us to count on the Non-Farm positive release on Friday 6 March. In addition, the dollar got the support from the ECB rates announcement and Mario Draghi’s speech. Against this background, the pair euro/dollar broke through the strong support level of 1.1040.
During the day the pair GBP/USD was also under pressure. Markit Economics has reported about the business optimism index decrease in the US service sector while the same US index was better than the forecasted medians. The "black gold" tendency also added negativity to the overall picture in the market - the week US crude stocks have again increased which caused the major quotation reduction.
The technical correction in the US stock market did not allow the dollar to strengthen its positions with the Japanese yen. At the end of the trading day the key benchmarks decreased by 0.5% which constrained the bulls from active attack.