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09.05.2016 18:19

American focus: the US dollar strengthened significantly against the yen

The Japanese yen fell more than 1% against the US dollar, entrenched above $ Y108.00. The main pressure on the currency had a statement of the Minister of Finance of Japan Taro Aso. He noted that the Central Bank is ready to intervene in case of a sharp increase in the volatility of the national currency. Previously it was thought that Tokyo would not dare to intervene, given the US position, but Aso's words made market participants doubt it. Comments Aso became another sign of tension between the United States and Japan on the issue of exchange rates. "Certainly, we are ready to intervene if the yen continues to rise sharply," - said Aso. According to Aso, the change rate of USD / JPY for two days at 5 yen can be called "somewhat excessive". Recall that in recent months, other officials of Japan have already made warning of the possibility of intervention designed to put an end to the strengthening of the yen. This strengthening leads to the fact that Japan is more difficult to achieve the acceleration of inflation and stimulate economic growth.

The US dollar consolidated against the euro while remaining near the level of $ 1.1400. Experts point out that the reason for this was the lack of economic data and significant catalysts. Little influenced by the statements of representatives of the ECB and the Fed. ECB Vice President Constancio said that the data point to continued moderate, albeit fragile recovery. He also said that the ECB has the tools to accelerate inflation. Meanwhile, Constancio added that it takes time to see the effects of the March Central Bank measures. Thus, he signaled that the Central Bank is unlikely to change the policy in the near future.

Meanwhile, the head of the Chicago Fed Evans said the fundamentals of the US economy are "solid" and growth this year should accelerate to around 2.5%. He added that although the US economy looks healthy, he still would like to see more tangible evidence that inflationary pressures are strong enough to reach the target level.

The pound fell against the dollar, returning to the minimum session. Pressure on the pound has uncertainty associated with the upcoming referendum on Britain's membership of the EU. According to a study conducted by the agency Ipsos-MORI, 48% of respondents in eight major countries of the European Union believe that if Britain leaves the European Union, other countries may go to the same measures. In this case not less than 49% of respondents believe that UK residents will perform for an exit from the European Union, which in the opinion of 51% of the respondents will damage the EU economy, and in the opinion of 36% - the British economy. During the holding of the referendum, planned like in the UK, 45% of respondents were in favor of Belgium, France, Germany, Hungary, Italy, Poland, Spain and Sweden.

In addition, the attention of market participants gradually switched to meeting Bank of England. Economists will be closely watching those to preserve the unity of opinion among the leadership of the Bank of England after increasing downside risks to GDP growth. Over the weekend edition of the Guardian reported that at least one member of the Committee of Central Bank may act for the interest rate cut to stimulate the economy.

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