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11.06.2015 18:20

American focus: the US dollar rose

The US dollar traded higher against the euro and the Japanese yen, despite the fact that US data indicate uneven economic recovery.

The dollar lost ground in the beginning of the session after news that US retail sales in May rose slightly less than expected, and applications for unemployment benefits last week rose slightly more than expected. The data sparked concerns about the fact that the economy is recovering too slowly A tightening of monetary policy, which would increase demand for the dollar.

The number of Americans who first applied for unemployment benefits rose last week but remained near the values ​​indicating a stable situation on the labor market. This was reported in the Labor Department report. The number of initial applications for unemployment benefits rose by 2,000 to a seasonally adjusted, reaching 279,000 in the week ended June 6th. Economists had expected 277,000 new claims. We also add the figure for the previous week was revised up to 277,000 from 276,000.

Retail sales in the US increased significantly the end of May, accelerating from the previous month, a sign of increasing consumer spending after a weak start to the year. This was reported in the statement of the Ministry of Commerce. According to data seasonally adjusted retail sales rose in May by 1.2%, reaching $ 444.9 billion. We also add the figure for April was revised up to + 0.2% from 0.0% per cent, and in March the volume sales up + 1.5% to + 0.9%, the largest monthly gain in the last five years. Economists had expected sales to rise 1.1%.

However, later in the session the dollar rebounded as some investors are once again opened their positions in anticipation of the growth of the dollar, which they closed on Wednesday, when the yen rose on comments Governor of the Bank of Japan Haruhiko Kuroda.

A further decline in the euro constrain new projections from the World Bank. Experts pointed out that the euro zone economy in 2015 will recover faster than expected. The forecast of world economic growth for the current year rate of monetary union increased to 1.5 per cent. Previously, experts came from growth of 1.1 percent. As economists say, growth in the euro area contribute to the weak euro, and falling oil prices. In 2016 and 2017 figure, according to World Bank forecasts, will amount to 1.8 and 1.6 percent respectively.

The yen depreciated considerably against the dollar, having lost more than half earned last position, which helped comments Source of the Government of Japan. Who requested anonymity, a source from the Cabinet Office of Japan, he said that the comments of the Bank of Japan Kuroda against the yen were careless and did not express the position of the Prime Shinjo Abe. Yesterday the manager of the Central Bank Haruhiko Kuroda said that the real effective exchange rate of the yen is unlikely to continue to decline. Speaking in parliament, he said that the yen against the currencies of trading partners in Japan "significantly low" if it is to adjust to the difference in the levels of inflation in these countries.

11.06.2015 16:30

WSE: Session Results

Market Focus

  • US nonfarm payrolls rise more than expected in July
  • Canada’s merchandise trade deficit widens in June
  • Canada unemployment rate falls to lowest level since October 2008
  • Canada Ivey PMI falls less than expected in July
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