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17.06.2015 17:40

American focus: the pound was up against the US dollar

The euro rose slightly against the dollar, returning the previously lost positions due to expectations of the Fed meeting, as well as news on Greece. As it became known, the ECB raised the limit on the program to provide liquidity (ELA) for Greek banks to € 1.1 billion. To € 84.1 billion. Also, stress, and tomorrow will be a meeting of the Eurogroup, with Greece obviously does not intend to make concessions on the issue of further reduction of pensions. Today, the coordinator of the team of negotiators Euclid Tsakalotos confirmed that, without reaching agreement, unlock the access to finance of Greece, in Athens no cash to pay the IMF on June 30 debt of € 1.6 billion. He also added that despite the willingness of Greece to make concessions , the issue of cutting back pensions is not discussed.

As for the Fed meeting, according to the consensus forecast of the Central Bank will refrain from raising interest rates in June, but it may toughen the wording of the statement in preparation for the normalization of monetary policy. Against the backdrop of weak data on the state of industrial production and the US housing market, economists began to reduce rates on the transition to a tightening of monetary policy in September, although it is the first month of autumn is their main goal. The market participants assess the situation differently: traders see only a 28% chance of a September rate hike, but the likelihood that this will happen in December 2015, or earlier, it is equal to 67% of them. "The most important thing for investors - comments of Fed Yellen after the meeting - said Wedbush Securities analyst Michael James. - Until her speech to investors is by and large do not care what happens in the market."

The pound rose against the dollar, updating the month high, supported by data on the labor market. The Office for National Statistics said the unemployment rate by ILO for the period from February to April was 5.5 percent, compared with 5.7 per cent recorded in the three months to January. It was also lower than the figure recorded in the same period last year at 6.6 percent. The unemployment rate was in line with economists' expectations and was the lowest since April to June 2008, when the figure was 5.4 percent. The number of unemployed fell by 43 thousand. From the previous three months to 1.81 million., The lowest level since June to August 2008. Average earnings, including bonuses, in the three months to April rose 2.7 percent year on year. Economists had forecast a 2.1 percent rise. The latest increase was the highest from June to August 2011, when the payment is increased by 2.7 per cent. Excluding bonuses, pay grew by 2.7 percent in the three months to April, the highest level since December to February 2009. The number of Britons claiming unemployment benefits in May fell by 6.5 thousand. People from the previous month to 791.8 thousand. People. Reducing the number of applications for unemployment benefits was much less than the drop of 12.3 thousand. That economists expected, and it was the smallest monthly decline since February 2013.

The yen fell against the US currency, updating weekly lows, which was due to a surge in demand for the dollar from investors on the eve of the meeting FOMC. Traders await the outcome of the two-day meeting of the Federal Reserve System, which can appear signals about future actions of the American regulator. If the mixed statistics do not confuse Yellen and command and rates will be increased this year, we should expect natural growth of the dollar, in this case the raw material assets temporarily come under pressure, but the effect will not be long, because in many respects the situation has calculated market.

17.06.2015 17:43

WSE: Session Results

Market Focus

  • U.S.: Industrial Production (MoM), September 0.1% (forecast 0.2%)
  • Britain can't get full single market access with free movement concessions - Merkel
  • Earnings Season in U.S.. Major Reports of the Week
  • New Zealand CPI, 3Q: 0.2% q/q (forecast 0%), 0.2% y/y (forecast 0.1%)
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