On Tuesday, starting at the beginning of the trading in the international currency market, the U.S. dollar began to strengthen the position vis-à-vis its main European competitors. Tom helped to approach the summit of Group of Eight, which in turn influenced the reluctance of investors to risk.In the morning, the Reserve Bank of Australia announced a key interest rate unchanged at 3.0%, which, as expected, failed to affect the movement of currencies.

The active part of the European session, the trading was marked by the strengthening of the single European currency against the U.S. dollar, but that is not able to make the British pound, continuing its decline. Thus, after news of Germany, where the change in volume production orders for the previous month was 4.4%, instead of the expected 0.5%, the euro was able to demonstrate 3-hdnevny maximum against dollar at level 1.4049. According to the Ministry of Economy of Germany, the stabilization of industrial production is gaining momentum. On the turn, news from the UK have not been able to surprise the market and the British currency continued its decline. Changes in industrial production over the previous year was -0.6%, instead of the expected 0.2%.

won Euro positions were fully reverse during the active bidding for the American sites. Resultant lower prices for oil and have demonstrated negative dynamics of U.S. stock indices. Thus, by the end of the trading pair euro /dollar traded at 1.3920 marks, a pair of pound /dollar at 1.6140 level.

Forecast for Wednesday, July 8

On Wednesday the market participants is primarily to draw attention to such news as the change in GDP euro area, as well as data on oil reserves in the United States. Also, utmost care is to follow the summit of Group of Eight, which was due to start on Wednesday. One of the main themes of the summit should be a discussion on the continued use of the dollar as a currency of refuge. Estimated range of bidding on Wednesday for a pair of Euro /dollar amount 1,3800-1,4050, a pair of pound /dollar - 1,5980-1,6240.

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