Trading session Monday began with a sharp strengthening of the yen against the backdrop of speculation that the new Japanese government would further strengthen the national currency and will not resort to intervention in currency markets to weaken the currency. These assumptions were inspired by the recent statements of the relevant Minister of Finance of Japan Hirohisy Fujii. Additional support for the yen have created expectations about changes in Japanese law to come into force from April 1 to ease the tax burden on repatriated earnings and, consequently, improve the situation of exporters, which should lead to a further strengthening of the yen.

As a result, even before the opening of the Japanese stock pads yen strengthened against the dollar to 8-month high 88.22. At the same time greatly weakened the position of the British pound: with no macroeconomic reason to hope for the rapid consolidation of the British currency, traders are quick to get rid of him, throwing a pair of quotation pound /dollar level to 1.5814, before the opening of the Tokyo Stock Exchange.

situation exacerbated the collapse in Asian markets: the opening of the Japanese Nikkei at 00:00 GMT there with a gap of almost 200 points down, which immediately caused a panic among traders, and resulted in the expeditious withdrawal of funds from higher-yielding assets into dollars and yen . As a result of the sharp strengthening of the dollar euro exchange rate in 2 hours after the opening of Japanese markets fell more than 120 points, was soon reached and the daily minimum at around 1.4563. The already weakened pound found its daily minimum at around 1.5769, while the franc weakened to 1.0373 level.

were not expecting such a significant strengthening of the yen as a reaction to his statement, Japanese Finance Minister Hirohisa Fujii is on Monday morning during a forum in Tokyo accused the journalists of misinterpretation of his words, stating that he never claimed that allow the yen to continue strengthening. This allowed the Japanese currency is already in the Asian session to rebut reached a maximum and continue trading day in the range 89.15 - 89.75.

growth of European stock indices has allowed European currencies to adjust after a substantial fall, released at the opening session of the U.S. activity index from the Fed, Chicago did not serve a strong motivator for risk: its value was -0.9 (the previous value, subject to re -0, 56), the consumer price index for Germany was -0,4% (-0,2% forecast). Opening of the American stock indexes also significant growth did not bring radical changes in the situation of exchange, allowing the euro does not rise above the 1.4678 mark. Pound until the end of days remained within 1.5811 - 1.5923, frank - within 1.0275 - 1.0345. Negative strengthening European currencies influence the ECB's statement by the head of Mr. Trichet, recognized at a presentation to the European Commission on economy and development, which is still extremely important to have a strong dollar.

Forecast for Tuesday, September 29

Of the major economic news on Tuesday noteworthy data on the change in GDP and balance of current account balance of payments of the United Kingdom for 2 nd quarter, data on the change of aggregate M4 money supply Britain in August, an indicator of consumer confidence in the U.S., as well as data on oil reserves in the United States.

For European currencies in the first half of the day is likely to decline, whereas during the American session, may be strengthened, if justified a positive outlook on the indicator of consumer confidence (57.0 forecast, the previous value of 54.1). Support for the euro will make the level of 1.4550, and for a pound - 1.5700. In this case the nearest resistance would be 1.4670 for the euro, for a pound - 1.6000. For a pair dollar /franc resistance will be located at 1.0370, support is 1.0280, while the yen is likely to continue to build towards 89.00.

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