Euro dollar: a breakthrough following 1.4215 euro dollar may cause increased demand due to the pits, located throughout until the euro dollar with 1.4185 bids in the field of 1.4210/1.4195 euro to the dollar. Asian Traders predicted strong demand for euro-dollar level following 1.4200. The current exchange rate of 1.4223 euros to the dollar.
Pound drops for the second consecutive day against the euro. UK data showed declines in consumer confidence in April, forcing the CENTRAL BANK of England stick to old policies and not to raise rates. The pound's position is not much changed against the euro. According to economists, economic sentiment index fell to 45-43. Analysts expect to see growth in retail sales for April at 0.8% in comparison with 0.2% in the previous month. Pound may briefly be restored if data for the UK will be strong. The pound fell against the dollar at 0.2% to 1.6135 today and 0.1% to 131.91 against the yen. The British currency fell against the yen, the dollar and the euro yesterday, after the publication of the minutes of the meeting of the Central Bank from April, which showed that the increase in the interest rate is foreseen. Also the weakening of the pound have increased rates of unemployment report. Yen continued to fall on rumours about the easing of monetary policy
The yen fell against its major rivals after the economic indicators of Japan for the first quarter turned out to be worse than expected. As a result of rumors that the CENTRAL BANK would ease monetary policy further. Japanese currency falls against the dollar for the third consecutive day and reaches a minimum this month. According to analysts, be sure to wait that the Central Bank still for a while will leave interest rates close to zero. In the long term should be expected to continue falling Japanese currency. In the race for high interest rates of central banks to Yen would remain behind. The Japanese currency weakened on a 0.2% to 81.88 against the dollar, which is the minimum to 28 April. The fourth day of the yen falls against euro and kept the 116.47. This year's Yen fell by 5.1%, which was the biggest fall when comparing ten currencies of developed countries. The dollar has lost 4.1%, while the euro rose by 2.6%.
So, today euro-dollar is growing and shown on Monday at the 1.4047 pair raised minimum before 1.4285 euro dollar. Analytical tape write that the euro is growing because of increased market confidence about the stability of economic growth in the eurozone, as well as reduced fears of impending debt restructuring of Greece. Yesterday, the German Chancellor Angela Merkel stated that premature debt restructuring of Greece, prior to the entry into force in 2013, European Stability Mechanism (ESM) won't be intimidated by the markets and would undermine the credibility of European Governments, as well as hits on debt market in European countries. Greek Prime Minister Papandreou has stated that his Government, just as the EU and other countries of the eurozone "continued to believe that the price of debt restructuring exceeds every possible benefit.
On the other hand, yesterday's bad data on United States economy suggests that cessation of sverhmagkuu United States monetary policy in the coming months, not in status. Yesterday the figures for new homes in the United States favorites for April showed a drop to level 25% less than a year ago. I.e. the value of the bookmark is almost houses a crisis level. The bad came out and data on industrial production for April, an increase of 0.0% m/m against forecast 0.4% m/m, load capacity the fell from 77.4% to 76.9%. So that the differential between the ECB and the Fed policy prospects still weighs on the dollar. Hardly something to be able to reverse that trend in the near future.
News von on Thursday morning is neutral. Yesterday's minutes of the meeting of the FED still has not commented on the possible start of tightening monetary policy, which implies keeping market participants proclivity to risk. While there is some nervousness in the market over who would occupy the seat of the head of the IMF, after yesterday, Strauss-Kahn announced his resignation. The main point in this story is that a new man as head of the IMF can have a different position on the provision of assistance to distressed countries of the eurozone. Formally, the mood on the markets could also shake the publication in Japan of a negative report on GDP growth rate (actual value-0.9% m/m and-3.7% g/g, forecast-0.5% m/m and -2% g/g). Today the focus of the market will be statistics from the labour market (Jobless claims, ICN 16:30) and the United States real estate market (Existing home sales, ICN 18:00), as well as the publication of data on Ocean production orders and business optimism in the business environment (Philadelphia Fed Index, ICN 18:00).
News calendar from forex Euroclub Forex dealing Center. March 19, 20113:50 Japan Preliminary GDP data,
3:50 Japan preliminary data on the GDP deflator,
05:00 Australia inflation expectations from MI,
8:30 Japan revised data on industrial production,
12:30 United Kingdom retail sales in April
13:00 Switzerland economic expectations Index from the ZEW may
14:00 United Kingdom industrial orders Index of expectations from the CBI may
18:00 United States applying for the unemployment allowance 9.05-15.05
18:00 United States Sales houses,
18:00 United States industrial index of the FBI's Philadelphia may
18:00 United States Index of leading indicators from The Conference Board,
18:30 Canada Quarterly report of the Bank of Canada
18:30 United States natural gas reserves 9.05-15.05
21:30 statement by the President of the United States FBI Chicago h. Evans
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