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23.06.2015 18:20

American focus: the euro fell

The euro fell against the background of a new study of international lenders offers from Greece, is considered a potential breakthrough. The single currency has lost about 1.9% against the dollar, reaching a two-week low earlier in the session. The euro also fell sharply to the British pound and the Japanese yen. Many analysts have written off the euro's fall to revitalize rates for riskier currencies amid easing tensions. Ultra-low interest rates in the euro area increases the attractiveness of the euro as a currency for loans for funding of such rates. The euro has shown resilience in recent weeks, partly due to the fact that the uncertainty around Greece forced investors to cut these positions by buying in the single currency.

During the European session, the euro kept falling and continued to decline when the Fed Jerome Powell noted that the conditions to start raising rates, likely to be achieved in September, and he expects further increase in interest rates in December. Higher interest rates make the dollar more attractive to investors, aimed at making a profit.

The US dollar strengthened despite weak data on orders for durable goods. Demand for expensive manufactured goods fell markedly in May, exceeding the forecasts of experts with the fixing and the third decline in four months. This was reported in the US Department of Commerce. According to data by the end of May new orders for durable goods fell by a seasonally adjusted 1.8%. Meanwhile, the April figure was revised downward - to -1.5% from -1.0%. Economists had expected a decline in orders of 0.5%. In the first five months of 2015, overall orders fell by 2.2% compared to the same period last year. Data on orders for durable goods are volatile and subject to significant changes, but the broader trend shows that demand remains depressed.

The Ministry of Commerce said that the pressure on the overall rate had reduced demand for aircraft. The company Boeing Co. It said it has received 11 orders last month, compared with 37 orders in April. It was also reported that orders for non-military aircraft fell by 35.3%. Excluding the transportation sector, orders rose 0.5%, and with the exception of Equi spheres, they fell 2.1%. However, a key indicator of business investment rose for the second time in three months: orders for non-military capital goods excluding aircraft increased in May by 0.4% after falling 0.3% in April.

The pound fell against the US currency, which was related to sales in the pair EUR / GBP. In the course of trading today's data also influenced by Britain. The report from the Confederation of British Industry showed that British manufacturers recorded drop in orders in June, mainly due to sluggish demand for exports. About 26 percent said that in June, the number of orders was lower than normal, while 19 percent said they were higher. With this in mind, the balance amounted to -7 percent. Economists had forecast the balance at the level of 1 percent. The latter value was the lowest since July 2013 (when the balance was -12 per cent). "Improvement in the euro area is compensated by the effect of the strengthening of the pound on the foreign sales and profits of the British producers" - Raine said Newton-Smith, head of the Confederation of British Industry. The data also showed that the balance of export orders was -17 percent, the lowest level since March. As for the future, 33 percent of respondents expect that in the next three months production volumes will grow, while 17 percent said they expect a decrease.

23.06.2015 16:46

WSE: Session Results

Market Focus

  • The Bank of Japan decided by a 7-2 majority vote to hold the interest rate at -0.10%
  • Earnings Season in U.S.: Major Reports of the Week
  • U.S. commercial crude oil inventories decreased by 4.7 million barrels from the previous week
  • Australian unemployment rate stable at 5.6% in June
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