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26.02.2013 09:02

Forex: Monday’s review

The euro fell sharply against the dollar, losing all previously won positions, after the first results of the exit polls in Italy pointed to the center-left coalition victory Bersani. Now, the former Prime Minister Berlusconi is, according to the updated surveys, gaining 32% of the vote against Bersani, whose 28.7%. However, the last word will be for B. Grillo, representing 25% of the voters. Coalition Grillo and Bersani gaining around 53%, which is enough to win.

The yen fell to the weakest level since May 2010 against the dollar on speculation that Prime Minister Shinzo Abe will choose as the next head of the Bank of Japan advocate aggressive easing of monetary policy.

The pound fell to its lowest level since July 2010 against the dollar after the international rating agency Moody's Investors Service has downgraded by one notch, from Aaa to "Aa1", the UK government bond rating. The rating outlook - "stable." The Agency, in particular, pointed to the risks to the financial situation of the country due to the economic slowdown. Moody's expects the UK government debt in the coming years, as the rise of the British economy will be slow and uncertain, at least until 2016. Accordingly, the UK will continue to adhere to measures to reduce public spending. In January of approved applications for mortgages BBA in Britain fell by 33.6 thousand to 32.3 thousand vs. 34.2 thousand

The Canadian dollar was down against the U.S. dollar on speculation the governor of the Bank of Canada Governor Mark Carney said that economic growth slowed more than expected.


Market Focus

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  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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