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The dollar rose modestly against the euro, updating yesterday's high and nearer to the level of $ 1.1000. Experts say that volatility has been increasing in anticipation of the verdict of the Federal Reserve. As expected, the Central Bank will not now make adjustments to the current monetary policy, but traders will be interested in the text of the statements contained therein and hints of further steps of the Central Bank. The Fed chief Janet Yellen earlier this month said that the central bank may raise interest rates in September if the economy continues to improve the alleged rate.
A little influenced by a report that showed that after five consecutive months of growth of the sale of unfinished housing fell in June, but remained close to the level in May, which was the highest in nine years. Modest gains in the Northeast and West were offset by a large decline in the Midwest and South. The index of pending home sales (PHSI), the forecast indicator based on contracts signed, fell 1.8 percent to 110.3 in June, but still 8.2 percent higher than in June 2014 (101.9). Despite the decline in the last month, the index finished third in 2015 and is currently growing at annualized for ten consecutive months. Lawrence Yun, chief economist of NAR, said that although the deal pending home sales fell in June, the overall trend in recent months support steady pace of home sales this summer. "The demand for housing in the secondary market remained strong last month, as low reserves in many markets have reduced choice and pushed prices above the level of comfort for some buyers," he said. "The demand exceeds the sales, but the determining factor will be that decided whether or not some of these buyers to wait even longer until the improved offer and to slow the rise in prices."
The Canadian dollar rose significantly against the US currency, updating the maximum of 16 July, which was due to the rise in oil prices following the publication of data on oil reserves in the United States. US Department of Energy reported that in the week ended July 24, commercial oil reserves in the country (excluding the strategic reserve), decreased by 4.2 million barrels to 459.7 million barrels. Analysts expected reduction of stocks for the week by 1 million barrels per day. Oil production in the US for the week decreased by 1.51%, or 145,000 barrels per day - up to 9.413 million bpd. Oil reserves in the country's largest terminal in Cushing fell by 0.2 million barrels - up to 57.7 million bpd. Gasoline stocks fell by 0.4 million barrels and reached 215.9 million barrels, while analysts had expected an increase of 0.512 million bpd. Distillate stocks rose 2.6 million barrels to 144.1 million barrels. Analysts had forecast an increase of 1,502 million barrels per day. Yesterday the American Petroleum Institute (API) reported that US crude stocks last week fell by 1.9 million barrels against the forecast of a reduction of 0.2 million bpd.
The pound fell sharply against the dollar, having lost almost all previously earned a position that is probably due to profit-taking before the announcement of the outcome of the meeting FOMC. Investors have focused on the upcoming Wednesday the Fed's statement on monetary policy, expecting to get any indication as possible rise in interest rates.
Previously, support for the pound had data on mortgage lending in the UK. The Bank of England said that net mortgage lending in June rose by 2.6 billion pounds (4.1 billion US dollars), after rising by 2.4 billion pounds in May. The growth rate in June was the most significant since July 2008. The number of mortgages approved in June was 66,582, while in the past six months, banks and building societies approved an average of 62 971 in credit per month. The improvement in the housing market should help to accelerate the country's economic growth this year, although growth in lending can resume fears that British citizens are taking on too much debt, especially when the rate of growth in house prices exceeds the rate of increase of income.
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