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14.03.2013 08:26

Forex: Wednesday’s review

The dollar rose, reaching a three-month high against the euro after a report showed that retail sales in the U.S. in February increased considerably, registering with the largest increase in the past five months, and improve the prospects for the world's largest economy. Commerce Department data showed that retail sales and the sale of food in February rose by 1.1% and adjusted for seasonal variations were 421.40 billion. Sales growth has been observed for the fourth month in a row, and this is their biggest increase since September. Economists had expected sales growth of 0.5%. The January figure was revised upwards from 0.1% to 0.2%. Compared with the same period last year, sales increased by 4.6%. The jump in prices for the most part was secured higher prices for gasoline and an increase in car sales. Sales growth at gas stations was 5.0%, compared with a gain of 0.7% in the previous month.

The single currency weakened as Italian borrowing costs increased. Note that the Italian Treasury held the first auction after the downgrade, during which the country has sold bonds worth 6,993 billion against a target value 7.25 billion. Bonds with a term expiration in 2015 in the amount of 3.323 billion have been sold at yield 2.48% vs. prev. 2.30% paper expiring in 2017 in the amount of 1.028 billion euros - at yield 2.95% vs. prev. 2.55% bonds expiring in 2018 in the amount of 642 million euros - at 3.03% yield, finally, a paper with a term expiration in 2018 of $ 2 billion - with yield 4.9%.

Japan's currency has increased compared to the majority of its most traded currencies, after the country's largest opposition party said it would vote against a potential deputy head of the Bank of Japan Kiku Iwata, which stands for acceleration easing.

Swiss franc fell against the euro, as many market participants are waiting for the meeting of the National Bank of Switzerland on the issue of monetary policy, which could be considered measures that could help stop the deflation and stimulate economic growth.

The New Zealand dollar fell against the dollar on speculation of a drought in the country will have a negative impact on the economy. The impact of the currency is the fact that many traders are waiting for the announcement of interest rate decisions of the Reserve Bank of New Zealand.

The pound rose against the euro amid what many analysts have noted that the decline of 6.5% per cent this year was excessive, which increases the possibility that the government will delay the fiscal austerity measures in the budget next week.


Market Focus

  • Donald J. Trump was inaugurated as the 45th president of the United States
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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