13 August, 2013
The US dollar was traded upwards on Monday having continued its Friday corrective growth amid a poor news background in anticipation of the release of various US macrostatistics data planned for this week which can support the expectations concerning Fed incentive measures reduce. In particular, US retail sales data will be published on Tuesday.
On Monday there were almost no significant statistics data except Japanese Preliminary GDP for the second quarter. According to the preliminary estimate Japanese GDP for the second quarter rose only by 0.6% while a growth by 0.9% was expected. Prelim GDP Annualized accounted for 2.6% (Consensus growth by 3.6%) Vs 3.8% in the first quarter.
Prelim Nominal GDP has risen by 0.7% at a quarterly rate which turned out lower than forecasted growth by +1.0%. Consumer Spending increased by 0.8%, which exceeded the expectations but Business Spending decreased by 0.1% against the expected growth by 0.6%. However economic growth of Japan for the first six months has been the best for the past three years.
Japanese revised Industrial Production for June decreased by 3.1% at a monthly rate, which coincided with the expectations. At an annual rate Industrial Production in June dropped by 4.6%. At the same time Domestic Corporate Goods Price Index (DCGPI) (analogue of the PPI) grew by 0.5% m/m in July, which exceeded forecasted growth by 0.2%.
The euro continued its correction downwards and tested the level of 1.33 Vs dollar. Preliminary GDP of Greece for the second quarter showed economic growth rate decrease by 4.6% at an annual rate although turned out better than forecasted -4.8%. Meanwhile former ECB president Jean-Claude Trichet declared on Monday that Europe had made progress and the risk of the euro-zone collapse had probably disappeared but the reforms must be continued further.
The Australian dollar reached 2-week high on Monday’s Assian session but then slightly dropped after the dollar’s growth. Some support at the beginning of the day was provided by good Chinese economy statistics published last week which dispelled the fears concerning Chinese economic growth slowdown. New Zealand dollar was also traded downwards. According to Real Estate Institute of New Zealand (REINZ) report housing prices fell in July for the first time for the past 6 months. REINZ Housing Price Index dropped by 0.5% compared with June.
On Tuesday March, 18 the US dollar was traded mixed before the announcement of 2-days FOMC Meeting on Wednesday. The US dollar increased vs. the pound sterling and the Canadian dollar, but decreased vs. the yen...
On Monday March, 17 the US dollar was traded mixed amid controversial statistics in the USA. The US dollar increased vs. the yen, but decreased vs. major commodity currencies...
On Friday March, 14 the US dollar decreased vs. the yen. The euro, and the pound sterling, but slightly increased vs. major commodity currencies having lost 0.2% to the dollar index amid the US Consumer Confidence decrease to 4-months low...
On Thursday March, 13 the US dollar increased vs. the euro, but decreased vs. the yen and major commodity currencies amid strong US data. The euro dropped after Draghi
On Wednesday the US dollar increased vs. the Canadian dollar and the yen amid finished meetings of the Bank of Canada and Japan...
On Monday the US dollar was traded with fall Vs the most major currencies after the release of weak Non-Farm Payrolls, but rose Vs the pound, and almost didn
This Monday the US dollar was traded with slight decrease Vs most major currencies amid weak US macro statistic data. The data of consumer confidence and personal income appeared to be worse than expected...
The US dollar fell slightly on Monday Vs the euro and the yen and almost did not change Vs the pound and commodity currencies amid contradictory statistics...
The US dollar was traded downwards on Tuesday Vs most major currencies before the FOMC meeting next week where a decision on QE tapering may be made but anyway it will be probably small, which is unlikely to support the dollar...