The British pound under pressure
Trades on currency markets Thursday was notable for heightened volatility. The major currencies tried to pull up against the US dollar in the first half of day, however these attempts were not successful. Wide-ranging close of short-dollar positions led the currency course to sharp decline in the middle of the European session. Besides there are rumours about resignation of UK prime minister Gordon Brown that provoked panic selling of sterling. The euro and commodity dollars followed the pound. The rumours turned out false, but sterling remained under bearish pressure, so already the fifth member of the chamber, Labour and Pensions Minister James Parnell has resigned his post in Thursday, appealing G. Brown to follow his example.
Euro/dollar has recovered from the session low at the level at 1.4070 after the meeting of the European Central Bank, positively reacting to the comment of ECB chef. Volume and scale of the measure for purchasing provided debts remains unchanged that showed confidence of ECB Council members in
their taken choice and unchanged view to economic situation. Besides volume of the programme is approximately in twice smaller as compared to purchasing volume in Great Britain. euro/pound extended gains from Wednesday's 6-month low at the level at 0.8575 to the mark of 0.88.
Dollar/Japanese yen is traded as usual in the range between 96.00-97.00. Trade motive for this currency pair seems to be absent.
Today US labour minister plans to publish US non-farm unemployment rate. According to economists' forecasts unemployment rate would be reduced in May to 525 000, as in April the abridgement was 539 000. Unemployment rate growth is expected from 8.9% to 9.2% as well.
