Dynamics
dollar rose again. This pair of EUR /USD returned to the 1.3900 mark, a pair GBP /USD updated the local minimum of about 1.6050, and the pair USD /CHF rose above 1.1900. Japanese yen continued to strengthen. This pair USD /JPY close to the 94.00 mark, and a pairof EUR /JPY fell to 131.00. Commodity currencies also fell against the dollar. Thus, the pair AUD /USD got below 0.7900, a pair NZD /USD fell below 0.6300, and the pair USD /CAD rose to 1.1680.
Causes
The reason the dollar is reducing the growth tendency of investors to risk against the backdrop of the fall of stock indices in anticipation of the publication of reports on the profits of American companies for the II quarter. There are fears that the reports are disappointing, and worsen the prospects for rapid economic recovery. This may contribute to the further revaluation of risky assets. In addition, before talk of a possible discussion at the summit of Group of Eight new reserve currency have been refuted. It also supported the dollar. Japanese Yen, along with the U.S. have the status of the currency of refuge, is also strengthened against other major currencies including the euro and the dollar.
What to expect?
The situation in the market does not change. U.S. Dollar continues to bargain in previous bands, and the intraday volatility remains high, reflecting the uncertainty about the prospects for global economic recovery. Investors continue to closely monitor the situation and coming news. Because of the small number of macroeconomic data in the center of attention this week are reports of American companies and the summit of G8. All statements and comments may significantly affect the position of the major currencies, and in particular the U.S. dollar.
expected today from the data of interest will present the revised GDP data for the eurozone in I quarter, as well as data on industrial production in Germany, which may provide some support for the euro.
What is fear?
As the situation surrounding the U.S. dollar has not changed and remains uncertain, the high volatility is still the main risk.
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