US dollar - The holiday is back - 15.2.2012
US dollar
The holiday seems to be back in the streets of America. Daw Jones spins around pre-crisis levels. The unemployment in the country has been 200 thousand decreased and there is every reason to believe that this trend will continue in the future. The American economy, out of any doubt, starts growing. But it is not yet clear how fast. It is no surprise that the dollar has been strengthened actively at every opportunity. Yesterday, it steadily overcame the 79th figure against a bunch of currencies, showing a 79.6 session high, forming the base for the assault on the key level 80.
Euro
Market participants' attention is directed to a forthcoming meeting of the Eurogroup, scheduled on Wednesday where the issue is to be resolved to provide financial assistance to Greece. All the time yesterday the euro was under the pressure caused by the rumors of disagreements on the harmonization of the Greek package. The Moody's agency only added fuel into the fire, lowering the rating of Spain, Portugal, Italy, Slovenia, Slovakia and Malta once again. The relative stabilization of the debt market did not help the euro. However, the Eurocurrency has gained some support in the vicinity of 1.31 against the dollar. For how long? Let us keep watching the news.
Japanese Yen
Yesterday actions by the Bank of Japan and the published accompanying statement make it clear that the Central Bank is set to continue to hold on to the (flexible) monetary policy in an attempt to weaken the currency. Besides it, the FOMC protocol, published today, may be an additional argument in favor of further strengthening the USD / JPY.