Dynamics

U.S. dollar strengthened during the bidding. When the pair EUR /USD fell to 1.4200 marks district, the pair GBP /USD fell to 1.6160, and the pair USD /CHF rose to a mark 1.0700.

Japanese yen also strengthened against other currencies. When the pair USD /JPY fell below a mark of 94.00, and the pair EUR /JPY was lower than 134.00.

Commodity currencies continued to be adjusted against the U.S. dollar. Thus, the pair AUD /USD fell to 0.8250 area, a pair NZD /USD was lower than 0.6800, and the pair USD /CAD out to a mark 1.1000.

Causes

Positive macroeconomic data received from the United States, in the form of stronger than expected performance of orders for durable goods and sales in the primary housing market, could not increase the propensity to take risks and to help stock indexes continue to rise. Confidence in the market, during which the appetite for risk has risen steadily gave way to caution, which resulted in a large-scale profit-taking and the weakening of the euro and other risky assets. Additional pressure on commodity currencies has reduced the price of oil, while the British pound suffered against the backdrop of concerns about the fiscal situation in the UK.

What to expect?

Today in the United States will be published the second estimate of GDP in the II quarter. Expected revision of the index with a decrease in that in the current environment may provide additional support for the dollar. Still, trading on fundamental factors such as economic data is rarely observed in the foreign exchange market. Instead, investors are based on the propensity to take risks by buying the dollar as the currency of refuge during the growth of risk aversion, and this trend is likely to continue in the near future.

In Germany today, will be provided with a preliminary estimate of consumer price inflation in August. Expected a negative annual rate of inflation, which may have on the euro further downward pressure.

Why worry?

All movements in the market at the moment are short-term nature, and any unexpected news could provoke sharp multidirectional currency fluctuations.

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