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27.08.2012 07:08

Forex: Friday’s review

 

 

On Friday the euro fell against the dollar amid comments from the German Parliament, who said that the Bundestag not want Greece to provide new facilities or extend the time for the fulfillment of its obligations.

Also, the pressure on the euro also had a statement of the ECB that the completion of the plan for the purchase of bonds to wait for a vote on the issue of the European Stabilization Mechanism (ESM). Against this background of increased yield of Spanish government bonds.
But the euro rose sharply after market participants have submitted a letter Fed Chairman Bernanke, in which he hinted at the possibility of further stimulus. Also, German Chancellor Angela Merkel said she wants that Greece remains in the monetary union, and that Germany is ready to help the Greek government.
Significant impact on the growth in the value of the single currency brought news that the ECB is considering the possibility of establishing a target range for the yield, but the final decision will be known after the meeting on monetary policy, which will be held on September 6
The Australian dollar fell after the head of the Reserve Bank of Australia Glenn Stevens said that the currency is likely to depreciate if the mining boom is over. He also said that the investment resources of the country will reach its peak "in the next year or two."

The pound fell against the dollar after the release of statistics. GDP data were generally as expected: the indicator was revised to -0.5% q / q (at the level of the average forecast) against preliminary level of -0.7%. In the first quarter a decline of 0.3% q / q. Sales of pounds for the most part these were due to changes in the volume of commercial investments, which were much worse than expected.


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