Almost universal fall in the greenback yesterday on the foreign exchange market mainly due to the approach of the ECB meeting. While no analyst is expecting a rate hike in the euro area today, many are expecting a much more incisive speech by Jean Claude Trichet against inflation. In the end, presented as almost certain, an accentuation of the rate differential between the two sides of the Atlantic, the single currency took a big lead in the only meeting yesterday, trading at close above 1.38 to the dollar. If, as expected, Jean Claude Trichet meets the expectations of traders, the euro could continue to climb, but in the opposite case, a sharp fall is expected. It's double or quits. Penalized by monetary policy very accommodative Fed, the greenback has not even taken advantage today of the accentuation of regional tensions or even good results of ADP survey that could revive some investor optimism about the U.S. job market to a day of publication of non-farm payrolls. The Beige Book did, however, is simply echoing the remarks made Tuesday by Ben Bernanke, according to which the U.S. economy is on the rise but at a very slow pace. As for other currencies, the situation is somewhat different days. Indeed, the Swiss franc, a safe haven par excellence, continued its building, even reaching over the meeting yesterday a record against the dollar but remaining stable in contrast against the single European currency. Rising commodity prices prevailed once will not hurt the Norwegian krone, which reached its highest level since November 2009 against the dollar at 5.5472 before rebaisser a bit. In addition, the New Zealand dollar reached a lowest level since the beginning of the year against the USD following the remarks of Prime Minister John Key has said that financial markets expect a rate cut in Due to the recent earthquake. Besides the ECB meeting, the meeting today will mark the publication of GDP in the euro area which will have no impact on currency pairs and also by the publication of the ISM non-manufacturing, due in increase, and weekly claims for unemployment benefits. Once the ECB meeting ended, investors patientront until Friday for the release of non-farm payrolls are likely to have an impact on trade until Monday.
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