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11.11.2015 19:20

American focus: the US dollar declined moderately

The US dollar fell moderately against other major currencies, but held near seven-month peak against the backdrop of growing expectations of US interest rates by year's end. Trading volumes are expected to remain reduced because today was not any major US publications. Demand for the dollar persists after Friday positive US employment data that increased the chance of the Fed raising interest rates in December. The US Labor Department reported that the US economy added 271,000 jobs last month against the expected 182,000, the highest since December. The unemployment rate fell to 7.5-year low of 5.0%.

The euro came under pressure after Reuters reported on Monday that the ECB may cut rates on deposits at its December meeting. Previously, the focus turned comments ECB Governing Council member Ignazio Visco. He noted that the ECB will consider the possibility of further lowering the deposit rate and changes to the settings of the program of asset purchases (QE) in order to achieve its inflation target. This was stated "It is advisable to maintain the current level of monetary authorities to fulfill our mandate," - said in a speech to his temple. - It may mean changing the volume, composition and duration of the asset purchase program. The ability to lower interest rates on deposits will also be negotiated. He added that the introduction of negative interest rates in the region was "smooth" and others do not seem to have difficulty in further reducing it.

The pound fell slightly against the dollar came under pressure data on the labor market in Britain, but then continued to increase and reached a level of $ 1.5200. The Office for National Statistics reported that the unemployment rate fell to 5.3 percent in the third quarter, which is the lowest level since February-April 2008. Economists had expected the unemployment rate will remain at around 5.4 percent. The report also stated that the overall average earnings of workers - including bonuses - increased by 3.0 percent in the three months to September, as in the previous three months. Experts predicted an acceleration of earnings growth of 3.2 percent .. In September, earnings increased by 2.0 per cent against 3.2 per cent in August. Meanwhile, excluding bonuses, average weekly earnings rose by 1.9 percent in September and 2.5 percent in the third quarter, recording the weakest growth since the first quarter. It was expected that the quarterly rise of 2.7 percent. In addition, the data showed that the number of employed increased by 177,000 in the 3rd quarter, which led to an increase in employment to 73.7 percent (up from 1971). The number of unemployed fell by 103,000, recording the biggest decline since July-September 2014.

Also had little impact statements by the chief economist of the Bank of England's Andrew Haldane. He noted that the current level of rates "corresponds to the situation." He added that the rate increase will be gradual and it will be increased to levels lower than in previous tightening cycles. He added that the growth of salaries remain low, while the economy is steadily recovering despite weak price pressures.

Market Focus

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  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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