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30.08.2012 07:21

Forex: Wednesday’s review

 

 

Yesterday the dollar rose against most major traded currencies after data released showed that the level in the U.S. rose more than expected, and the number of pending home sales reached a two-year high.

The dollar strengthened against the euro and the yen, as investors' doubts that the Federal Reserve Chairman Ben Bernanke will hint at further easing in his speech at the conference on August 31.

The single currency has strengthened slightly after German Chancellor Angela Merkel said that the reforms in Italy will help reduce the interest the central bank.

The single currency has strengthened by 2.5% against the dollar since August 1, after European Central Bank President Mario Draghi said that the central bank can buy Spanish and Italian bonds to limit borrowing costs.

The Canadian dollar traded near a four-month high against the U.S. dollar on positive data from the U.S.. Gross domestic product grew by 1.7% between April and June, compared with the initial estimate of 1.5%. We also learned that the number of pending home sales increased in July by 2.4%, after falling 1.4% in June, and reached its highest level since April 2010. Economists had expected growth of approximately 1.0%. The index also rose by 12.4% compared to the same month last year.

The Australian dollar traded near-month low on concerns that a slowdown in global growth will impact on the economy.

Australian and New Zealand dollars were supported after the president of the European Union, Herman Van Rompuy said that the region's rescue fund ready to help Spanish banks. Strengthening was supported by increased demand for higher-yielding assets, as well as data that showed that the number of construction projects handed down by 0.2% in the second quarter, compared with a revised growth of 7.8% (originally reported increase of 5 5%) in the first three months of this year. Many analysts expect the figure rose 1.1%. Last fall was due to a decline of 1.9% in the private construction and 0.7% in the public construction. construction work completed fell by 0.2 percent in the three months to June, compared with a revised 7.8 percent increase in the first quarter.

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