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22.07.2015 12:20

European session review: the pound rose significantly against the US dollar


00:30 Australia Leading Index June -0.1% 0.0%

01:30 Australia CPI, q/q Quarter II 0.2% 0.8% 0.7%

01:30 Australia CPI, y/y Quarter II 1.3% 1.7% 1.5%

01:30 Australia Trimmed Mean CPI q/q Quarter II 0.7% Revised From 0.6% 0.6%

01:30 Australia Trimmed Mean CPI y/y Quarter II 2.3% 2.2% 2.2%

03:05 Australia RBA's Governor Glenn Stevens Speech

04:30 Japan All Industry Activity Index, m/m May 0.1% -0.5%

08:30 United Kingdom Bank of England Minutes

11:00 U.S. MBA Mortgage Applications July -1.9% 0.1%

The euro depreciated moderately against the dollar, retreating from a weekly high, due to the expectations of the vote in Greece relative to the second package of measures proposed by the creditors. Later on Wednesday, the Greek parliament will continue to vote on the second package of reforms needed to ensure agreement on the financial rescue of the country. If lawmakers approve the financial and judicial reform, Greece will continue to base negotiations on a new program of assistance from the lenders of $ 86 billion. Euro. Recall on August 20, Greece must make the next payment to the ECB's large size 3.2 bln. Euro, and then, in September, the IMF was obliged to pay 1.5 billion. Euros.

Meanwhile, investors are watching the situation on the stock markets and reports on corporate profits. Experts say the pair may continue to fall, given the divergence of monetary policy of the ECB and the Fed and reports Bloomberg that China can start to get rid of euros in exchange for dollars. "Traders should remain cautious when buying dollars because it is unclear whether the Fed will raise rates already at the September meeting, - the analyst Sumitomo Mitsui Banking Corp. Masato Yanagi. - We do not have data on how quickly the Fed is going to raise the rate. I I think for the dollar activated closer to September. " Recall, the Fed chief Janet Yellen last week confirmed that the Fed still plans to raise the benchmark interest rate this year.

Also, market participants are waiting for the publication of statistics on the US housing market. According to forecasts, sales in the secondary market rose in June to 5.4 million. Units against 5.35 million. Units in the previous month.

The pound rose against the dollar significantly, approaching to the maximum from July 17, which was associated with the publication of minutes of meeting the expectations of the Central Bank of England. As previously reported, the minutes of the meeting showed that all members of the MPC of the Bank of England voted unanimously for keeping the old policy in July. Despite the drop in inflation to zero in June, the Bank of England Carney said the rate may be increased at the end of the year. The protocol also showed that the decision to raise rates or leave them in the same place, it becomes more balanced for some members of the MPC. Also noted in the report that the recent appreciation of the pound is a factor that can have a direct impact on inflation. Finally, the Greek crisis dissuade some members of the Committee of the need to raise rates in the near vremya..Na Last week, Bank of England Governor Mark Carney hinted following the Central Bank's plans, saying that the decision to raise interest rates from record lows will be seen more closely around the end of 2015 year. Most market players expect the Bank of England will start to raise interest rates gradually from mid-2016.

Yen shows little change against the dollar amid a lack of fundamental catalysts that could contribute to its growth. The market was waiting for the vote in Greece on the second package of reforms and report on home sales in the United States. In addition, the markets continue to analyze yesterday's hawkish comments of the Bank of Japan Kuroda, who continue to support the Japanese currency against the dollar, as well as the minutes of the last meeting of the Bank of Japan. Minutes of the meeting held on 18 and 19 June showed that some of the nine members of the board of the central bank said that the impact of the policy of the Bank of Japan may be reduced, taking into account the increase in long-term interest rates, among other factors.

EUR / USD: during the European session the pair fell to $ 1.0903

GBP / USD: during the European session, the pair rose to $ 1.5647

USD / JPY: during the European session the pair fell to Y123,54

At 14:00 GMT the United States will report the volume of home sales in the secondary market in June. The main attention will be focused on the RBNZ announcement of the decision on the basic interest rate (at 21:00 GMT). At the same time, it will cover the RBNZ statement. Then, 23:50 GMT Japan announced changes the balance of foreign trade in goods in June.

22.07.2015 12:00


Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • 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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