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19.04.2016 18:20

American focus: The US dollar fell against most major currencies

The dollar depreciated significantly against the euro, reaching a minimum of 13 April. The main pressure on the currency was weak data on the US housing market, which is likely to make the Fed more cautious approach to the issue of rising interest rates in the next few months.

The Commerce Department said that the establishment of new homes in the US fell more than expected in March, while the number of building permits reached a one-year low, suggesting a cooling of the housing market. Bookmarks new homes fell by 8.8 percent to a seasonally adjusted annual rate reached 1.09 million units, the lowest level since October. February data were revised to a level of 1.19 million units, compared with earlier estimates of 1.18 million units. Economists had forecast that the bookmarks of new homes will fall to 1170 thousand. Units last month. The fall in the last month pointed to a slowdown in the property market. Nevertheless, the fundamental indicators of the housing market remain strong amid growing labor market. Last month, bookmarks single-family homes, the largest segment of the market, fell by 9.2 percent to 764,000 units, the lowest since October. Building permits fell 7.7 percent to 1.09 million units last month, the lowest level since March last year.

The focus of the comments were also officials of the Federal Reserve System. Fed President Dudley of New York said that the economic conditions in the US "mostly favorable", but the Fed should be cautious when raising interest rates. Boston Fed President Rosengren, however, said the Fed could raise rates faster than currently expected by investors. Futures on interest rates Fed point to 1% probability of a rate hike in April and 20% probability in June.

The pound has appreciated almost 150 pips against the dollar, updating the maximum of the current month. The growth of currency contributed to a general increase in risk appetite and the results of a public opinion poll reporting the excess number of supporters of the preservation of Britain in the European Union. A further increase in couples restrain statements of the Bank of England's Carney. He said that in the event of a serious threat to the Central Bank may lower interest rates. Carney also paid attention to the exit of Britain from the EU, and once again warned about the risks facing the economy in the run-up to the forthcoming referendum. "Voting in favor of leaving the EU could lead to a long period of uncertainty about the economic outlook This, in turn, could put pressure on demand and exports, and to sow doubts about the ability of the economy to continue to grow in the future.", - The head of the Central Bank said. "Also Brekzit may lead to an increase in mortgage interest rates, accelerating inflation and higher bank interest rates in the role of the London financial sector also significantly reduced after the release of the country out of the EU." - Added Carney. Meanwhile, Carney noted that the deterioration of the situation in China could harm Britain than withdrawal from the European Union.

The Canadian dollar rose substantially against the US dollar, reaching a maximum of 10 July 2015, which was due to rising oil prices and widespread weakening of the US currency. Oil futures rise in price, as the oil strike in Kuwait almost halved the volume of production in the country, and overshadowed the bearish sentiment. At the same time, analysts expect that production will fall short again, and soon, investors will focus on an excess of supply. "In the coming days, production in Kuwait may partially recover due to the reallocation of workers to strike is not published, and the use of reserves, which will help to avoid force majeure with loading" - believe Eurasia Group analysts. Investors are also awaiting the publication of the American Petroleum Institute (API) oil reserves. If the API reported a significant fall of stocks, oil prices could rise even more.

A slight effect on the Canadian dollar had the statements of the Bank of Canada's runners. He said that the strong GDP data for Q1 to some extent explained by temporary factors. As for the situation on the currency market, Poloz said that the restoration of the Canadian dollar is related to a change in expectations for monetary policy of the USA and Canada "Despite the fact that recent economic data were generally encouraging, they differ in the variable nature. We have not seen concrete evidence of increasing the volume of investment and accelerating growth in the number of new companies probability that the inflation target will be reached earlier expectations, very low, "-. said the head of the Bank of Canada.

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