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08.04.2016 18:19

American focus: The US dollar fell against the euro

The dollar depreciated significantly against the euro, breaking the mark of $ 1.1400. Against the background almost empty calendar in Europe and the United States, market participants analyzed the recent statements by the Fed. Today the head of the Federal Reserve Bank of New York William Dudley expressed concerns about the US economic outlook, and added that he continues to support a gradual increase in interest rates FRC. "Although since the beginning of the year weakened the downside risks, I believe that the balance of risks regarding my forecasts for inflation and economic growth is slightly shifted downwards. Given the situation, it is necessary to adhere to a cautious approach to raising interest rates, "- said the politician, however, Dudley did not comment on when the Fed will raise rates again, saying that everything will depend on the data..

Moderate pressure on the dollar has had a report from the Commerce Department that showed that wholesale inventories fell at the fastest pace in nearly three years in February, pointing to a sharp slowdown in economic growth in the first quarter than previously thought. Wholesale inventories fell 0.5 percent in February, said on Friday, noting the sharpest drop since May 2013 Analysts expected a decline of 0.1 percent. The government also revised its value in January - to 0.2 percent from 0.2 percent. Inventories are a key component of the change in the gross domestic product. Component wholesale inventories, which goes into the calculation of GDP - wholesale inventories excluding cars - fell by 0.4 percent in February. Economists expect the economy grew by less than 1 per cent per annum in the first quarter, compared with growth of 1.4 percent in the last three months of 2015. Given the pace of sales in February, it would take 1.36 months to clear shelves, compared with 1.37 months in January.

The pound rose against the dollar mildly, returning to a maximum session. Support for the pair provided statistics on Britain's GDP from NIESR, as well as the widespread weakening of the US currency. The NIESR reported that their monthly estimates of GDP suggest that the economy grew by 0.3 percent during the three months ended in March 2016, after rising 0.2 percent in the three months ended in February 2016 This assessment is the weakest rate of growth of the UK economy from the last quarter of 2012. James Warren, the NIESR researcher, said: "The moderate growth in the first quarter was mainly due to weakness in the manufacturing industries, especially in manufacturing volume of industrial production is now 10.7 percent below the pre-crisis peak in the first quarter of 2008. , while the GDP exceeded its predretsessiony peak at 7 percent. "

In addition, investors continued to analyze the previously submitted report on industrial production. Recall that in February, industrial output fell by 0.3 percent from January, when it grew by 0.2 per cent. The issue is expected to grow by 0.1 per cent. Manufacturing production fell by 1.1 percent, offset by an increase of 0.5 percent in January, and was more than 0.2 percent fall forecast

On an annual basis, industrial output fell by 0.5 percent in February, this is the largest drop since August 2013 Economists forecast that output will remain unchanged after rising 0.1 percent in January.

The Japanese again recovered against the dollar after a moderate decline in the first half of the session. Currently USD / JPY pair is trading near the opening level. Analysts say that many market participants strongly prefer not to risk it against the backdrop of heightened expectations of Bank of Japan intervention to stop the strengthening of the yen. Recall, today the Finance Minister of Japan Taro Aso expressed concern about the recent appreciation of the Japanese yen. "We are closely watching the currency market and take necessary measures to strengthen against the Japanese currency," - said the Minister. However, the official did not say exactly whether it will be carried out through this intervention. Recall that the last time the tool was used by the authorities of Japan in 2011 and this caused great dissatisfaction on the part of Washington and Brussels.

Market Focus

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  • Australian unemployment rate stable at 5.6% in June
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