Fundamental analysis for July 24, 2015

July 24, 2015

The dollar index basket (USDX) had increased. The pair EUR/USD had decreased amid the oil market "bearish" trend. Nevertheless, the pair increased by the end of the day.

On the contrary, the pair GBP/USD had grown amid the Bank of England moderately positive minutes where the GDP second and the third quarter growth estimates were increased. The US Energy Department reported the crude oil inventories increase which would contribute to the quotations and will have a negative impact on the British pound as the UK is an exporter of hydrocarbons to the European Union. It should also be noted that there is a negative trend throughout the commodity market that will support the US currency. The pair fell by the end of the trades.

The day the pair USD/JPY had increased amid the June US secondary market housing sales positive release. The sales rose up by 3.2% in June compared to the previous month and it occurred despite the mortgage interest rates growth. American consumers feel confident enough, just willing to buy housing in spite of the credit growth. Then the pair consolidated.

According to the US Labor Department the initial jobless claims number became less than 26 thousand having fallen to 255 thousand. It is the minimum since 1973.

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