Gradual awakening

USD

Closed to celebrate Martin Luther King Day American markets have done their job and virtually wiped out every activity in the currency pairs. And the festive mood was maintained in the morning, despite the fact that Asia and Europe have been opened (although there we have not seen a large number of reports). However, the arrival on Tuesday is unlikely to seriously change the situation - on the agenda, only data on flows of foreign capital and the index of activity in the housing market, NAHB.

certainly worth paying attention to how investors have been set up in November. Then the dollar was still fairly weak, which could provoke an exodus of foreign capital from the United States. The unifying theme of diversification of foreign exchange reserves for a long time, putting pressure on the U.S. buck, and given that recent economic data only cause frustration, USD could again come under the Sale of a sharp decline in foreign investment. Factor activity in the housing market also is of interest, since a long time we wait, when all the same there will be "felt bottom." Recent sales figures have caused Resale was hope, but the demand for new buildings disappoint. Thus, the picture remains controversial and requires more careful analysis. The market after a prolonged lull in the movement are possible in preparation for the more significant events of the week.

EUR

euro stood at the current position against the dollar and did not move. However, its dynamics against the pound said that the market has lost faith in the single currency in connection with the recent problems with Greece. The only published report yesterday did not provide any support, even fairly positive data. Global trade deficit of Italy in November fell as the volume of imports fell more exports. At the end of November, Italy"s world trade deficit amounted to 790 million euros against 1.12 billion in November of the year 2008. The volume of imports fell and 9,8%, export - by 9,1%.

Today, all the market"s attention will be directed to the ZEW survey data for Germany. It may reasonably be expected recovery rate in connection with the recent increase in trading activity and industrial production.

GBP

Pound felt pretty confident, as the morning continued its strengthening. The demand was linked to reports in the British press that Kraft Foods Inc. close to a deal to buy Cadbury PLC. Cadbury recommended that the Governing Council to agree to a deal, which had a further support the currency.

Today will be published data on consumer prices. Given the sharp strengthening of PPI, as well as the retail price index BRC, CPI index may well show growth. And this, as we know, only to hand the pound, as it can convince the market that the Bank of England no longer going to expand the program of buying up assets.

JPY

Japanese yen eased against major rivals, with the exception of the dollar. It played a role comments head of the Bank of Japan Shirakawa that the Bank will maintain a soft monetary policy to pull the country out of deflation and the return to price stability. In addition, data published today showed that the index of consumer confidence in Japan fell a second consecutive month to 37.6 in December from 39.5 in November, as more and more people are worried about their work and the status of its revenues in the next 6 months. So far, the prospects for Japan"s waning, and the messages that the Japanese carrier Japan Airlines began bankruptcy proceedings, only stepping up pressure on the currency, as this will be the first bankruptcy of a major airline in the country. In 2009, TMK has reduced shipments of pipe production by 13% to 2.792 million tons
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