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07.07.2016 06:42

Asian session review: the Australian dollar decreased

During the Asian session, the euro was trading almost unchanged against the US dollar on the eve of the release of important economic data on Friday. Experts note that the June data is likely to point to the relative strength of the US labor market after disappointing May report. According to forecasts, the number of people employed in non-agricultural sectors of the economy increased by 178.000, after rising a meager 38.000. In May. According to some analysts the employment report is unlikely to change the Fed's cautious plan for interest rates.

The yen strengthened slightly during the session following a statement by the head of the Bank of Japan Kuroda that the Bank of Japan will maintain the quantitative and qualitative easing of negative interest rates as long as is necessary to achieve a stable inflation rate of 2%. He also said that Japan's economy is expected to grow at a moderate pace, and the Japanese financial system remains stable.

The leading index, published by the Cabinet of Ministers of Japan and tracking the current state of the Japanese economy amounted to 110.5, lower than the previous value of 112.

The Bank of Japan lowered its quarterly report on the assessment of the 4 regions of consumption. Assessment of other regions remained unchanged

The Australian dollar fell after Standard & Poor's international rating agency (S & P) downgraded the long-term credit rating of Australia from "stable" to "negative." Australia keeps the AAA highest credit rating, but with a warning about a possible downgrade, if not taken effective measures to stabilize the budget.

According to Aozora Bank analysts, the loose monetary policy of the Fed has had a positive impact on commodity exporters, which include Australia, but slowing global growth.

Head of Treasury of Australia stated that the S & P decision points to the need to improve the budget situation, improvement of the budget can not be postponed and that the government has time to avoid the loss of the AAA rating.

Earlier, the index of activity in the construction sector in Australia has been published by HIA / AiG..

The index of activity in the construction sector of Australia HIA / AiG rose in June by 6.5 points to 53.2, after rising to 46.7 in May. This is the highest growth rate in 10 months.

The Australia Industry Group noted that national construction industry returned to growth in June. The rebound was driven by a solid rise in new orders, which returned to growth (above 50) for the first time in eight months. Also it became known, the construction of houses gained momentum to grow at the highest rate in the last 30 months. Engineering construction is growing for the second time in the last three months, though only slightly, while commercial construction activity rebounded in June after two months of decline. House builders were generally positive in assessing business conditions with reference to the improvement in new orders, the sustained support of the ongoing projects and activities of investors.

The New Zealand dollar appreciated strongly after the deputy head of the Reserve Bank of New Zealand Grant Spencer spoke about macroprudential policy and the risks associated with the housing market. Mr. Spencer said that against the backdrop of the current global environment, the RBNZ interest rates are likely to remain low for some time. He also added that it is necessary to balance concerns about financial stability. As for the housing market, Spencer said: "the longer the boom in the housing market, the higher the risk of a serious correction".

Market Focus

  • The eurozone started the third quarter on a solid footing, according to PMI survey data
  • Earnings Season in U.S.: Major Reports of the Week
  • German private sector output growth slowed for the second month running in July
  • ECB's Mersch says as conditions normalise, it is unlikely that uncoventional policies will remain necessary
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