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03.01.2013 08:46

Forex: Wednesday’s review

Despite the sharp rise in the euro against the dollar in early trading, the single currency could not hold its positions, and showed a significant decline, which was caused by the weakening of risk appetite. In this regard, the euro is now trading down against the U.S. dollar. Such dynamics are observed, despite the agreement on the "budget cliff" that propelled the growth higher-yielding currencies such as the Australian dollar. Note that this may mean a change in the dynamics of the pair EUR / USD, as the rise in the stock market to raise capital from Europe to the U.S., which is pushing the dollar to strengthen. Meanwhile, taking into account the fact that the production data released were weak, uncertainty in Europe continues to remain, while the outlook for the United States have become more positive.

In addition, despite the strengthening of the pound to a 16-month high against the U.S. dollar, which was due to a significant increase in the index of business activity, and achieving them in December, the highest level in more than a year, the exchange rate has fallen sharply, as has also been associated with a reduction of positions in risky assets.

Meanwhile, all these factors have not been able to influence the proper value of the Japanese currency, which for the trading session, continues to trade in a narrow range. Note also that the current gap, which was seen at the opening of tenders was called the statement by the Prime Ministers of Japan Abe, who said that now the most important issue for his country is fighting the appreciation of the national currency. He added that to address this situation, you may need unlimited creation of money, which will stimulate economic growth and to achieve 2% inflation.

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