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20.04.2016 18:20

American focus: The US dollar fell against most major currencies

The US dollar rose significantly against the euro, updating yesterday's high. Experts point out that the cause of this trend was the resumption of purchases of the US currency against the background of positive statistics on the US housing market. Meanwhile, some investors opted to take profits on the part of the pair EUR / USD after a three-day increase. Today, the National Association of Realtors reported that home sales in the secondary market rose in March and were slightly higher compared with a year earlier. The total volume of home sales in the secondary market jumped 5.1 percent to a seasonally adjusted annual rate reached 5.33 million. Compared with a downwardly revised level of 5.07 million in February. Sales rose in all four major regions and were 1.5 percent higher than in March 2015. Lawrence Yun, the NAR economist, said that home sales showed a good recovery in March, after an uncharacteristically large decline in February. The average house price in the secondary market for all housing types was $ 222,700, which is 5.7 percent higher than in March 2015. The increase in prices in March was noted in the 49 th month in a row. Total housing inventory increased by 5.9 percent to 1.98 million homes, but still remained 1.5 percent lower than a year ago (2.01 million). At the current sales rate 4.5 months is required to sell stocks in the market, as compared with 4.4 months in February.

Market participants are also starting to switch attention to tomorrow's ECB meeting. Many experts believe that the ECB will not run additional measures to support the economy, and would prefer to wait for the effects of the recent large-scale measures. Recall that last month the ECB lowered all interest rates, increased the size of the quantitative easing program and announced the launch of a new series of four targeted long-term refinancing operations (TLTRO), each with a term of four years. Reuters survey showed that most analysts do not expect further reduction of the ECB. Analysts also believe that negative rates will not harm the euro-zone economy, and low GDP growth and inflation in the region is a result of weak demand. Most likely, during the April meeting of the Central Bank will focus on the details of his previous statements and try to shed more light on the details of the new program for the purchase of bonds.

The British pound traded mixed against the dollar, but generally remains in a narrow range. Market participants continue to analyze data on the labor market in Britain, as well as waiting for tomorrow's publication of statistics on retail sales, which will have an important role against the backdrop of slowing activity in most sectors of the economy. The Office for National Statistics reported that the unemployment rate was 5.1 percent in the three months to February. The indicator has not changed compared to the previous three months and matched economists' expectations. The employment rate was 74.1 percent, the highest level since records began in 1971 data. Average earnings including bonuses rose by 1.8 percent, and excluding bonuses rose by 2.2 per cent compared with a year earlier. In March, the level of applications for unemployment benefits remained unchanged at 2.1 percent, as expected by economists. The number of people claiming benefits rose by 6,700, confounding expectations for a decline of 11,300.

The impact on the pound also provided news related to "Brekzitom". the latest survey results, presented the agency Ipsos MORI, indicated that 49% of British people in favor of preserving the country within the EU, and only 39% - for withdrawal from the. Recall that in March this ratio was 49% and 41%, respectively. The main reason that most people want to stay in the EU, is the fear of the consequences for the economy.

The Canadian dollar rose modestly against the US dollar, updating yesterday's high and briefly breaking CAD1.2600 mark (for the first time from 6 July 2015). The main support provided currency rise in price of oil futures on the background on US petroleum inventories report, which pointed to a smaller-than-expected increase in crude oil stocks. US Department of Energy reported that in the week of April 9-15, oil stocks rose 2.1 million barrels to 538.6 million barrels (historic high for this time of year). Analysts had expected an increase of reserves by 2.5 million. Barrels. Oil reserves in Cushing terminal fell 248,000 barrels to 64.3 million barrels. Gasoline inventories fell by 110,000 barrels to 239.7 million barrels. Analysts had expected a drop of 1.5 million barrels. Meanwhile, refining capacity utilization rate increased by 0.2% to 89.4%. Analysts expected an increase of 0.1%. Also, the data showed that oil production in the US in the week April 9-15, fell to 8.953 million barrels per day versus 8.977 million barrels the previous week.

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