Analysts at Bank of Tokyo Mitsubishi explained that monetary easing by overseas central banks offering less support for the US dollar. Key Quotes: "Even building expectations for further monetary easing from overseas central banks are beginning to offer less support for the US dollar. The BoJ’s recent decision to implement a negative rate has clearly proven unsuccessful at weakening the yen highlighting the diminishing impact of further monetary easing." "The euro has remained relatively stable as well against the US dollar over the last year despite looser ECB policy. Recent negative developments are increasing the likelihood that the ECB will ease policy more aggressively in March which is expected to help weaken the euro." "However, if the policy announcement has only a limited negative impact on the euro it could provide a further bearish signal that the tide is beginning to turn for the US dollar bull-run." For more information, read our latest forex news.