At the forex U.S. dollar on Thursday once again look better than European rivals
By admin at 3 July, 2009, 11:17 am
At the forex U.S. dollar on Thursday once again look better than European rivals.
Macroeconomic statistics alienated the desire of investors to invest in risky high-yield currencies. According to the report of Ministry of Labor United States, the number of jobs in non-agricultural sectors of the American economy in June fell by 467 thousand, while most economists predicted the fall of 350 thousand jobs. Thus, the relatively positive momentum in the U.S. labor market, seen in May was probably a small correction in the continuing fall of total economic activity in the country. For example, the unemployment rate in the United States reached a value of 9.5%, while the working week fell to a minimum in the history of reference of such statistics - 33 hours. The latter figure indicates that employers will continue to reduce staff, as well as just physically can not provide citizens an acceptable amount of work.
no better case in the euro area, where according to the agency Eurostat, the total unemployment rate in May in the currency bloc also reached a level of 9.5% and the cumulative number of citizens who do not have work, was 15 million (this more than the population of individual states within the euro area).
Another important event was the Thursday meeting of the European Central Bank. As expected, the governor left the refinancing rate at the previous level of 1%. At the press conference the head of indirectly, the ECB reiterated the readiness of the Bank to reduce rates further in the event of adverse economic developments in the region. Regarding the purchase of secured bonds, Jean-Claude Trichet reiterated the intention to purchase for the sum of 60 billion euros of securities secured.
Yesterday's data by the market as a clear negative, in the end by the end of the North American session, the main steam market traded below the 1.40 dollars per euro.
Today, against the backdrop of the weekend in the United States active in the foreign exchange market will be quite low, the players largely will have to align the open position. The key macroeconomic news on Friday will be data on the volume of retail sales in the euro area (13:00 Moscow time).. Against the backdrop of the continuing problems in the labor market is unlikely to expect notable increase in consumer demand in the region, and thus goes statistics are most likely not be able to support the single European currency.
According to our projections chief currency tandem today will be traded in the range 1.3930 - 1.4130 dollars per euro.
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