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12.03.2013 09:09

Forex: Monday’s review

The dollar is trading with little change against the yen, while being close to the maximum values ​​in August 2009, as signs that the U.S. economy is gaining momentum, increased demand for the U.S. currency.

The dollar index (DXY) is trading near the highest level in seven months, as many market participants are awaiting a report on retail sales in the U.S., which is expected to show improvement following February. Also, the attention of traders this week will be focused on data on consumer prices, which are likely to show an increase.

The euro rose against the dollar, after playing with a portion of the losses suffered on Friday. Note that the dynamics of bidding auction results influenced the U.S.. As it became known, the Treasury sold 3-month and 6-month U.S. government bonds, the average yield has declined from 0.11% to 0.095% and from 0.12% to 0.115%, respectively.

The yen traded near a three-week low against the euro after the release of negative statistics from Japan. It is learned that orders for industrial equipment in the country fell by 13% in January in monthly terms, which was the strongest decline in eight months. Analysts had expected a drop of 1.7%. In addition, the monthly results can have a strong influence major equipment orders. In the IV quarter of last year, Japan returned to growth by reducing the yen and the efforts of Prime Minister Shinzo Abe to fight deflation and recession in the country.

Additional pressure on the yen have word candidate to head the Bank of Japan Haruhiko Kuroda, who considers it necessary to pursue a more aggressive monetary policy. According to him, the main objective should be to achieve the inflation rate of 2%

The Canadian dollar was up against most of the most traded currencies, after a report submitted on Friday by the U.S. showed that the number of employees rose much more than expected, prompting speculation that the economic recovery is gaining momentum.


12.03.2013 08:43

Stocks: Monday’s review

Market Focus

  • Donald John Trump will be the 45th president of the United States
  • Britain can't get full single market access with free movement concessions - Merkel
  • China: Trade Balance, bln, October 49.6 (forecast 51.7)
  • New Zealand CPI, 3Q: 0.2% q/q (forecast 0%), 0.2% y/y (forecast 0.1%)
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