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19.06.2015 18:05

American focus: the US dollar significantly higher against the сanadian dollar

The euro retreated from a session low against the dollar, rising above $ 1.1300 and recouping more than half of the previously lost positions. However, the currency remains under pressure amid pessimism associated with the situation in Greece and the negotiations with the creditors. After yesterday's disastrous Eurogroup meeting, EU leaders plan to hold an emergency meeting on Monday. Media reports citing official sources reported that at a meeting on Monday, euro zone ministers will discuss a potential default in Greece in case Athens did not present proposals for reform. Meanwhile, the press service of the EU said: "The Eurogroup will meet in Brussels on Monday to discuss the situation with the program of financial aid to Greece." Meanwhile, German Chancellor Angela Merkel said that the summit, announced on Monday, can bring solutions, if available will be the base for work, otherwise it will be "advisory" in nature.

Support for the euro also had news from the ECB. Today the European Central Bank raised the amount of emergency financial assistance (ELA) to 1.8 billion. Euros, making it the second time this week. ECB Governing Council today held a conference call to discuss increasing the amount of emergency after investors withdrew from Greek banks 3 billion. Euro this week, fearing that Athens will not be able to negotiate with creditors. "The increase was approved by the ELA, the ECB Governing Council expects a favorable outcome of the summit on Monday," - said the source. Earlier this week, the ECB increased the ELA 1.1 billion. Euros to 84.1 billion. Euro.

The pound strengthened moderately against the dollar, returning to the level of opening of the session, due to the correction positions before the weekend. Previously, the pressure on the pound have data from the Office for National Statistics. As it became known, the net borrowing except for the intervention of the public sector amounted to 10.1 billion pounds, or 0.5 percent of GDP in May. This was a decrease of 2.2 billion pounds in May 2014, when it was expected that the rate will fall to 10.5 billion pounds. This reduction in net borrowing was largely due to a decrease of 1.6 billion pounds of net central government borrowing, coupled with a decrease of 0.6 billion pounds of net borrowing of local government. In late May, the net debt of the public sector with the exception of public sector banks totaled 1.5 trillion pounds, or 80.8 percent of GDP, an increase of 83.2 billion pounds, compared to the previous year.

The Canadian dollar depreciated significantly against the US counterpart, approaching the level CAD1.2300 on weak retail sales data for April and CPI report for May, which was slightly stronger than expected. Recall Canadian retail sales unexpectedly fell in April, adding to fears that the economy ran into difficulties at the beginning of the second quarter, and consumer spending remains low. Retail sales fell 0.1% to a seasonally adjusted reached 42.48 billion Canadian dollars. Expectations of economists were far more significant increase of 0.7%. In volume terms, retail sales fell in April by 0.2%. Weaker sales in grocery stores, gas stations and electronics stores have been largely responsible for the decline in April.

Meanwhile, another report showed that the consumer price index (CPI) rose by 0.9% during the 12 months to May, after increasing 0.8% in April. The decline in energy prices continued to affect the slowdown in the annual growth of the CPI. Excluding energy, the CPI rose 2.2% in the 12 months to May, in line with the rise in April.

19.06.2015 16:21

WSE: Session Results

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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