Fundamental analysis for August 13, 20151

August 13, 2015

The China Central Bank's decision was the main event that devalued the yuan. The US currency strengthened against all the major opponents in the light of this, still it was not able to keep the leading position.

The message that Greeks have reached an agreement with creditors and will receive assistance in the framework of the regular lending program caused European majors quite full-scale purchases which led to the US dollar decline against the euro to the end of the session and in the dispute with the pound.

The China’s decision to devalue the yuan has put pressure on the pound as it was considered it would be able to strengthen the disinflation pressure in the UK and to extend the low inflation period in the United Kingdom which leads to the raising rates transfer at a later date.

The measures taken by China have put pressure on the Japanese currency as well. Another reason to sell the yen was the Japan Prime Minister advisors E. Honda’s statements who said that if the expected GDP data pointed to the sharp decline in the second quarter there would be a need to deploy a new fiscal stimulus.

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