During the trading session on Thursday the European currency has partially offset the continuing decline since the beginning of the week against the dollar. The price index for housing in the UK by Nat wide showed the value 1,6% (forecast 0.5%), was also marked consumer price index in the states of Germany, which, coupled with rising stock indexes in Europe has allowed investors to regain confidence. However, the weakening dollar during the European session did not help the British pound, remain under pressure against a background of uncertainty surrounding the prospects of monetary policy the Bank of England. The President of the Bank of England Mervyn King hinted that he might resort to the method used for the first time in Sweden - the introduction of negative interest rates on deposits of commercial banks at the central bank, it would get rid of the liquidity trap, because at the moment the banks do not wish to liquidity in the domestic market for fear of loan default.

news in the U.S. revealed differently directed dynamics: GDP per 2 nd quarter decreased only by 1,0% (forecast -1,5%), and the number of initial applications for unemployment insurance exceeded the forecast and amounted to 570 thousand (forecast 565 thousand).

Stock indexes in the U.S. after a slight decline resumed steady growth, coupled with the sharp rise in prices for oil and other raw materials has increased the desire of traders to take risks. In turn, the desire to avoid losses on the background of strengthening stock indicators prompted traders to begin the rapid disposal of the U.S. dollar in favor of higher-yielding currencies, which significantly undermine the U.S. currency. As a result, the euro managed to achieve a sharp burst of 2-week high at the 1.4405 mark, franc reached a new 7-month high 1.0529, while the pound managed to climb only to the level of 1.6302. The Japanese yen also strengthened against the dollar, up to the level of 4-week high 93.19.

Forecast for Friday, August 28

Of the major economic news on Friday, we select data on the change of UK GDP for 2 nd quarter, the output indicator of consumer confidence from the University of Michigan, as well as data on Canada: the balance of current account balance of payments, the producer price index and price index materials. The projected value of the published data do not provide strong grounds for continuing to strengthen the willingness to take risks, in addition to these data, to determine the behavior of exchange will be largely stock indices. For a pair euro /dollar a correction to 1.4320, the level of resistance remains 1.4400, the pound will try to gain a foothold above the level of 1.6300, resistance is 1.6350, and support - the level of 1.6200. For the franc to continue strengthening the script may again result in intervention by the central bank, is likely 1.0540-1.0650 range of motion. Dollar /yen will move within the 93.20 - 94.50.

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