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13.07.2015 18:20

American focus: the dollar rose against most major currencies

The euro depreciated significantly against the dollar, reaching a minimum of 9 de Julio. Experts say after eurozone leaders agreed on a new program to save Greece, investors have switched attention to the possibility of higher interest rates in the United States this year. Recall, last Friday, the head of the Federal Reserve Janet Yellen said that the central bank retains plans to raise interest rates this year. On Wednesday, Fed Chairman Yellen plans to address the Committee on Financial Services in Congress. Traders will closely monitor its performance, to get further guidance on the timing rise in US interest rates.

As for Greece, the results of Sunday's talks the leaders of the eurozone failed to reach unanimity on the third bailout. On Monday and Tuesday the Greek parliament to approve new legislation to implement the measures agreed in Brussels, including pension reform and a new sales tax regime. The parliaments of a number of eurozone countries also must approve any new funding crisis. President of the Eurogroup Deysselblum said that negotiations on the financing of Greece will begin immediately to help cope with debt payments. He also said that Greece will allocate state assets by € 50 billion in a fund to recapitalize Greek banks. We also learned that the ECB after the agreement of Greece with creditors decided not to change the funding of Greek banks in the framework of emergency provision of liquidity (ELA). Today, in a conference call members of the Governing Council of the ECB confirmed the upper limit of the ELA at the same level - 88.6 billion euros. ELA volumes remain unchanged from June 23, while on Monday the ECB tightened the requirements for collateral assets that Greek banks for emergency loans provided by the ECB. In accordance with the applicable rules of the ECB, the funds available ELA Greek banks as long as they are solvent and have adequate security.

The pound fell moderately against the dollar, returning to the level of opening of the session. Recall GBP / USD pair reached session highs around $ 1.5590 after the announcement of an agreement between the EU and Greece, but bullish momentum quickly faded, and the pair began to fall. Experts say investors are gradually shift focus to tomorrow's report on inflation in Britain, and labor market data, which will be released on Wednesday. According to forecasts, the consumer price index rose 0.1% against + 0.2% in May, while the number of applications for unemployment benefits fell by 9 thousand., After declining by 6.5 thous. In May.

The Canadian dollar depreciated significantly against the US dollar, approaching to the lowest since March 18. In the course of trading influenced the data for China, as well as meeting the expectations of the Central Bank of Canada. Recall, the volume of Chinese exports rose in June by 2.1% compared to June of last year, official data showed. The indicator showed growth for the first time in four months. The volume of imports fell by 6.7%. Analysts on average had forecast export growth of 1.2% and a decrease in imports by 16.2%. In May, the volume of Chinese exports decreased by 2.8%, imports - fell by 18.1%. Export growth at the same time with the stabilization of domestic demand due to the measures taken by the Chinese authorities of monetary and fiscal stimulus is likely to allow China to avoid further weakening of economic growth, experts say. The report underlined expectations that Beijing may resort to further easing to bolster the economy.

As for the decision on the interest rate of the Bank of Canada, which will be announced on Wednesday, several economists have raised the probability that the Central Bank will lower the benchmark interest rate by another 25 basis points amid signs that the Canadian economy has not stabilized after the fall in oil prices. "The combination of falling oil prices and rising US dollar prevented the Canadian dollar showed an increase after the employment report, released last week," - said Scott Smith, an analyst at Cambridge Global Payments.

Market Focus

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  • 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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