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26.05.2015 18:20

American focus: the US dollar rose

The dollar rose against major currencies after the release of a number of US economic reports, while hopes for growth rates in the US in the coming months continue to support the US currency.

Demand for expensive manufactured goods fell last month, but the underlying figures show that business investment are slowly beginning to grow. The Commerce Department said: seasonally adjusted orders for durable goods fell in April by 0.5%. Also add that the figure for March was revised upward - up + 5.1% to + 4.4%. Economists had expected orders to decline by 0.4%. With the exception of the transport sector orders rose 0.5%. Meanwhile, over the same period last year, total orders fell by 1.3%.

The report also noted that a key indicator of business investment rose for the second consecutive month, indicating that companies are starting to slowly accelerate their investment plans. Orders for non-military capital goods (excluding aircraft) increased by 1% in April. Reading for March was revised up to + 1.5% from + 0.1%. In annual terms reduction in the number of new orders probably reflects cautious companies in terms of costs amid falling oil prices, a stronger US dollar and weak demand abroad. Energy companies, in particular, fired workers and cut investment this year. Meanwhile, a stronger dollar makes American goods more expensive for customers abroad, which is negative for exporters.

The report submitted by the Conference Board, showed that US consumer confidence index rose in May to a level of 95.4 points against 94.3 points in April (revised from 95.2 points). Economists expected the index to reach 95.0 points.

New home sales in the US increased significantly on the results of April, indicating that the housing market is beginning to recover. This was reported in the statement of the Ministry of Commerce. According to data seasonally adjusted sales of new buildings has increased in April by 6.8%, reaching an annual rate of 517 thousand units. Economists had expected sales to rise 6% to 510 thousand. We also add the figure for March was revised upward - up to 484 thousand. 481 thousand. Compared with April last year, sales of new homes rose by 26.1%.

The dollar was supported after Friday the head of the Federal Reserve Janet Yellen reiterated that interest rates will be raised later this year if the economy continues to improve as expected.

The pound fell against the dollar, approaching to the lowest since May 8. Experts point out that the pressure on the currency had unconfirmed rumors that the Bank of England conducts a confidential investigation into the potential impact of Britain's exit from the EU. Little support for the pound had data from the Confederation of British Industry (CBI), which showed that the growth of retail sales in the UK was the highest since April 2007., The company retained the optimistic for further growth in sales and orders for the next month. The volume index of retail sales in May rose to 51 compared to 12 in April, compared to the forecast at the level of 18. Rain Newton-Smith, a spokesman for CBI, said: "Retail chains are inspired by the growth in sales and orders. Low inflation, which must remain below 1% od the end of the year, given the necessary household income, which will increase spending power. "

The euro depreciated significantly against the dollar, reaching $ 1.0900, which is associated with the expectations of the negotiations with the representatives of Greece, European Commission and International Monetary Fund. Experts point out that the situation in Greece and its ability to repay the debt to the IMF continues to be the main factor of pressure on the single currency. Meanwhile, some of the Greek policies further reinforce the concern, hinting at the possibility of default. Also today, ECB Governing Council member Ardo Hansson said that while the agreement between Greece and its international creditors "is not expected." Thus he caused another wave of anxiety. In addition, he added that the situation around the country is "very complex." His comments were added to the official statements suggesting that Athens did not have enough money to pay next month with debts to the IMF. Recall, June 5 country should list the IMF about 300 million еuro. Total payment schedule from 5 to 19 June, Greece must repay approximately 1.6 billion еuros.

26.05.2015 16:40

WSE: Session Results

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