Fundamental analysis for November 05, 2015

November 5, 2015

Investors continue to wait for the new guidelines. There was a steady growth demand for the dollar yesterday – the US dollar rose against the euro and the yen, the dollar recorded relatively neutral results against the pound at the beginning of the trades still it strengthened against the "cable" in the evening. The dollar was supported by the Janet Yelen speech. Now the number of traders who believe that the Fed will raise the interest rates in December is increasing and it supports the increased demand for the dollar.

The ECB and the Fed monetary policy divergence as well as the ECB President M. Draghi’s expectations pushed the euro for small-volume sales as the market was afraid of verbal intervention. M. Draghi's words did not put strong pressure on the single currency; according to his statements it will be necessary to revise the monetary policy stimulation at the December meeting. He sees downside economic growth and the inflation downside risks.

The British pound was under pressure from the dollar part. The unpleasant moment for the pound could become the UK service sector economic data. We expected the PMI index growth to 54.5 after 53.3 in September and, taking into consideration the market mood, connected with the probability of BoE "hawkish" statements supported the pound.

On Wednesday the Australian dollar strengthened amid the September trade deficit reduction and the retail sales steady growth. The RBA left the interest rate unchanged at the level of 2% at the Tuesday meeting, despite the strong decline expectations in response to the third quarter inflation moderate increase.

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