Dynamics

U.S. dollar fell sharply against other currencies in the second half of the North American session. When the pair EUR /USD rose to 1.4400 area, the pair GBP /USD recovered to 1.6300, and the pair USD /CHF fell to a mark 1.0530.

Japanese yen strengthened slightly against the U.S. dollar, but lost its position against the euro. When the pair USD /JPY has updated at least on a mark of 93.20, and the pair EUR /JPY rose to near 135.00 mark.

Commodity currencies rebounded against the U.S. dollar. Thus, the pair AUD /USD rose again in the 0.8400 area, a pair NZD /USD rose to 0.6900, and the pair USD /CAD has fallen to a mark 1.0830.

Causes

Until decline of the dollar trades were very restrained, and the published data on U.S. gross domestic product almost no impact on their course. However, later growth of stock indexes and oil prices in a low volume of trades has led to that market participants have begun sharply to get rid of the dollar and buy riskier currencies, thus triggering their ambitious growth against American.

What to expect?

sharp reversals in the trend indicates a lack of consensus in the market, whereas as we approach the end of the month there are private changing positions, amplifying low liquidity. This distinct trend in the market is unlikely to be established before the autumn, when the level of liquidity will be restored with a minimum of the holiday season. In the short term, investors are likely to continue to be guided by the direction of stock indexes, as well as the emerging macroeconomic data.

Today in the United States will be published the latest figures of personal income and expenses, the price index for personal consumption, as well as the final value of the index of consumer sentiment University of Michigan. Yield more favorable than expected performance is likely to put additional pressure on the dollar due to possible improvement in investor sentiment.

In the euro zone today will be published a series of indices sentiment in the economy. The expected improvement in performance, most likely, will support the single currency. In the UK, will be presented to the revised GDP data in the II quarter that may have an impact on the pound if they differ from the original estimate.

Why worry?

All movements in the market at the moment are short-term nature, and any unexpected news could provoke sharp multidirectional currency fluctuations.

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