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10.05.2016 18:19

American focus: The US dollar strengthened against the Japanese currency

The yen continued to fall against the dollar, setting a new low in May. Since the beginning of the week, the yen fell nearly 2 percent against the background of strengthening risk appetite and rumors of a possible intervention by the Bank of Japan. On Monday, Japan's Finance Minister Taro Aso said 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. Today, Aso reiterated his intention. "Certainly, we are ready to intervene if the yen continues to rise sharply," - said the Minister. 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 British pound strengthened against the dollar, reaching yesterday's high but then went back to the opening level. Experts note the support provided pound increase in demand for high-risk currencies and expectations of the key events of the week. Tomorrow there will be the publication of reports on industrial production and production in the manufacturing industry, where they are likely to confirm the weakness of GDP in the 1st quarter. Meanwhile, on Thursday a meeting of the 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.

The euro traded mixed against the dollar, while remaining near the level of opening of the session. Against the background of the lack of new catalyst and the important economic data trading dynamics dictate change risk appetite. Little influenced by minor US reports. The Commerce Department reported that seasonally adjusted inventories in the warehouses of wholesale trade increased in March by 0.1%, reaching $ 583.6 billion. Last change coincided with forecasts. Meanwhile, the index for February was revised to -0.6% from -0.5%. Compared with March 2015 stocks increased by 0.3%. Wholesale sales of $ 430.7 billion., An increase of 0.7% compared with February. In annual terms, sales decreased by 2.0%. Also, the Ministry of Commerce said that the ratio of stocks to sales ratio was 1.36 months in March as February. Recall that in March 2015 the ratio was at 1.32 months.

Meanwhile, the review of vacancies and labor turnover (Jolts), published by the US Bureau of Labor Statistics showed that the number of vacancies in March increased to 5.757 million. Compared with 5.608 million. In February (revised from 5.445 million.). Analysts had expected a decline to 5.412 million.

Market Focus

  • U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week
  • Canada: Retail Sales, m/m, November 0.2% (forecast 0.5%)
  • U.S.: Nonfarm Payrolls, January 227 (forecast 175)
  • Eurozone: Consumer Confidence, January -4.9
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