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21.07.2015 18:20

American focus: the dollar fell sharply

The US dollar fell against other major currencies, as investors took profits after a period of strong growth in the US currency.

Against the background of the lack of economic news, investors are taking profits, obtained in last week as the dollar grew on expectations as to what the Federal Reserve may raise interest rates in the next few months. Rising interest rates will support the dollar, making it more attractive to investors.

Last Wednesday, Fed Chairman Janet Yellen said the US central bank aims to raise interest rates this year against the backdrop of rapid economic recovery. Her comments supported the dollar and the dollar index from July 10 to July 20 rose more than 1%.

The euro rose against the dollar significantly updating the 4-day high. The ratio of the market against the euro improved after Greece made payments on the debt, and the IMF and the ECB opened its banks. Yesterday the Greek banks have resumed work after a three-week break, and today the government has submitted to parliament a bill that would require lenders to start negotiations on a new program of financial aid. Parliament must adopt the bills on Wednesday. The most controversial proposal of creditors concerning early retirement pension and citizens to improve the taxation of farmers who raise serious objections from the left wing of the ruling party, SYRIZA, and many representatives of the opposition, were removed from the bill, which greatly increases the chances that it will be approved by the Greek parliament majority.

The focus also remains a divergence in monetary policy of the ECB and the Fed. Meanwhile, traders are waiting for preliminary data on the euro zone PMI, scheduled for Friday, and the FOMC meeting next week, especially after the last performance Yellen and favorable US reports. Also recall that yesterday the Fed Bullard said a 50% probability of a rate hike in September, while supporting the US dollar.

The pound fell against the dollar by updating yesterday's low, but then went back to the opening level. Traders continue to analyze the report on the state finances of Britain, and are waiting for the publication of the minutes of the Bank of England, especially after the Central Bank head Carney hinted at prospects for a rate hike at the end of 2015 or early 2016. As previously reported, the British government borrowing fell in June, but slightly less than predicted by experts. However, the last value was the lowest for the month for the past seven years. According to the data, net borrowing state. sector (excluding public sector banks) decreased to 9.4 billion. pounds in June from 10.2 billion. pounds a year earlier, compared with economists' forecasts at -8.5 billion. lbs. For the first three months of fiscal year 2015/16, net borrowing of the public sector amounted to 25.1 billion. Pounds, which is almost 20 percent lower than in April-June last year. We also add the last value was the lowest since the April-June 2008/09 financial year. The ONS said that tax revenues in June increased by 0.3 billion. To 11.5 billion pounds. Pounds, its highest level since the start of statistics (1997). Income taxes increased by almost 14 percent, to 1.7 billion. Pounds, which is also the maximum value for all the time.

21.07.2015 17:20

European stocks declined

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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