Yesterday, while stirring scholarships spared Arab European stock markets, the U.S. dollar has fallen sharply because of speculations that the ECB should be more aggressive than the Fed to control inflation. Speculators expect Jean Claude Trichet at the ECB meeting on Thursday stressed its willingness to make a move on rates while Ben Bernanke is expected to reaffirm once again its willingness to continue the quantitative easing program In a speech scheduled for today before the Senate Banking Committee. In the short term, it is likely that the main factor of increase of the euro is the rate differential between the two sides of the Atlantic. The consequence of this speculation was not long in coming since the dollar has fallen sharply against the euro. The dollar index, which is calculated against six other currencies, fell to its lowest level since November 2009.
In Sweden, the crown has reached the highest level for almost three months against the USD following the remarks made by Governor Stefan Ingves. The latter has indeed said that rates could be increased systematically at every meeting of the monetary policy committee this year according to the publication of the minutes of the meeting on 14 February. The Riksbank has raised this month its repo rate for the fifth time depuisjuillet 2010. Good also for the DAC meeting, which reached its highest level since November 2007 against the greenback after a government report has emphasized that economic growth in the fourth quarter grew 3.3% year on year, well beyond the analysts' forecasts.
Finally, the South African rand continues to benefit impact of events in Libya and other Arab countries, rising by 0.6% against the greenback yesterday. Further rate hikes are expected as was suggested by a few days ago the Minister of Finance Pravin Gordhan.
Today the economic calendar is very full and will start with monetary policy meetings in Australia and also in Canada. In both cases, the status quo is well expected that over time increases should intervene. On purely macroeconomic front, several publications to watch today, including the Swiss GDP is expected to decline slightly and the U.S. ISM manufacturing which could decrease slightly. In Europe, the news will surely be marked by figures in Germany are not expected to have a significant impact on the euro. The single currency is in the process of growth and this, at least until the meeting of the ECB. The remarks by Ben Bernanke today may also enjoy the EUR.
Finally, the South African rand continues to benefit impact of events in Libya and other Arab countries, rising by 0.6% against the greenback yesterday. Further rate hikes are expected as was suggested by a few days ago the Minister of Finance Pravin Gordhan.
Today the economic calendar is very full and will start with monetary policy meetings in Australia and also in Canada. In both cases, the status quo is well expected that over time increases should intervene. On purely macroeconomic front, several publications to watch today, including the Swiss GDP is expected to decline slightly and the U.S. ISM manufacturing which could decrease slightly. In Europe, the news will surely be marked by figures in Germany are not expected to have a significant impact on the euro. The single currency is in the process of growth and this, at least until the meeting of the ECB. The remarks by Ben Bernanke today may also enjoy the EUR.
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