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22.04.2015 18:20

American focus: the dollar restoration of previously lost ground against the euro

Pound retreated from a session high against the dollar, but still continues to show a significant increase. Earlier today the pound rose sharply against the publication of the protocol the Bank of England, which was regarded as a bit of a hawk. The minutes of the April meeting was informed that all nine members of the committee voted to keep its benchmark interest rate unchanged at 0.5%. Although two members of the committee's April decision not to raise rates was "perfectly balanced". All nine members of the committee also agreed to leave unchanged the bond portfolio of the Bank of England, in the amount of 375 billion pounds (558.77 billion US dollars). Minutes showed that the leaders headed by Managing Mark Carney believed that the recent recovery of the eurozone economy would be beneficial to the UK economy, although some were concerned that any support for economic growth on the part of stronger economic dynamics in Europe can be neutralized by the weakness in the US and China. The Committee also noted that the financial woes of Greece continue to pose a risk to global economic growth. Annual inflation in the UK is at zero after the recent decline in oil prices, and in April the leaders of the Bank of England came to the conclusion that it may soon become negative. But executives expect that any period of falling prices would be temporary, although how fast the annual inflation returns to the target level of 2% will depend on the rate of growth of wages and force a pound, according to the protocols.

The Swiss franc depreciated significantly against the US dollar, reaching a minimum at the same time on April 16. Pressure had news that the SNB decided to significantly reduce the scope of an exception for holders of deposits in the framework of its scheme of negative rates. After completing the test, the Central Bank announced that the scheme would apply negative rates including pension funds. The minimum threshold, which do not apply negative rates will be 10 million. CHF. Recall SNB Commission imposes 0.75% deposits, on the balance of the Central Bank.

Previously, Frank received little support from the ZEW data and Credit Suisse, which showed that the indicator ZEW CS, which reflects the expectations of financial market experts surveyed in relation to economic development in the six months ahead, rose by 14.7 points to minus 23.2 points. The current conditions index rose by a modest survey of 0.3 points to -2.4 points. A significant majority of respondents believe that economic activity in Switzerland is in the "normal" state at the moment, which may be due to the fact that the labor market in Switzerland continues to be stable, the report said.

The euro fell against the dollar, while returning to a session low, which was associated with the anticipation of the publication of data on the US housing market and potrebdoveriyu eurozone. National Association of Realtors (NAR) reported that sales of existing US housing market increased by 6.1% last month from February to a seasonally adjusted annual rate reached 5.19 million. Economists had expected sales to rise in March to 5, 04 million. Sales for February were revised to 4.89 million. from the originally reported 4.88 million. Sales in March rose by 10.4% compared with a year earlier. The median sales price of homes in the secondary market increased by 7.8% compared with a year earlier to $ 212,100 in March, said NAR. "This increased prices by about 8% is not healthy, given that incomes grew by only 2%," says Lawrence Yun, chief economist for NAR. "The only way to relieve the pressure of housing costs is to have more houses coming on the market."

Meanwhile, preliminary data presented by the European Commission, showed that the consumer confidence index of the eurozone worsened in April, registering with the first decline in five months, contrary to the expectations of experts to further increase that was due to the uncertainty about Greece. According to the report, the April consumer confidence index fell to a level of -4.6 points compared with 3.7 points in March (the maximum value since July 2007). Economists predicted that this figure will improve to 3.0 points. Also add that the index for the European Union fell in April by 0.4 points to -2.2 points.

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