Strengthening European currencies on Forex with a light hand chairman of the American Central Bank, on Tuesday concluded. By the end of session, the dollar strengthened overseas to all (except the Yen) currency. Extremely cautious statements of Ben Bernanke, speaking before Congress yesterday, with the traditional semi-annual report on monetary policy, currency market players do not like. Meanwhile, it Fedrezerva chapter does not contain any surprises. It was once again told that the Fed has enough tools to painlessly unprecedented measures to curtail the current monetary incentive. This, according to the regulator, in part, is already happening. Thus, the total amount of outstanding loans Fedrezervom at this time does not exceed $ 600 billion, while another at the end of last year, the amount of loans reached $ 1.5 trillion. Do not fear Bernanke and inflation processes, which are against the backdrop of idle production capacity, and problems in the labor market will continue to be restrained.
In this context, near-interest rates will remain unchanged for some period of time. Bernanke gave some examples of how the regulator will absorb the excess liquidity and raise rates when the economy begins to recover. Among them, regulation of the reserves of commercial banks on the balance sheet of the Fed by raising deposit rates, reverse repo, etc.
In general, the heads of the Fed statement was cautious neutrality, many could see it positive note, others - to draw negative facts.
But as the foreign exchange market participants looking for an occasion to record profits on short dollar positions, it is possible to believe that Bernanke gave the market a reason to.
By focusing on an existing risks in the financial (potential write-offs), and in real (idle power) sector, the chairman Fedrezerva could overshadow the positive impact of regular reports of American corporations. Meanwhile, the key company of those that reported on Tuesday (Caterpillar, Coca-Cola, Merck, Du Pont), otraportovali more successful (profitable) results for II quarter of 2009 than most analysts expected.
Today Corporate statistics are waiting for Wells Fargo, Boeing, Pepsi, Pfizer, etc. In terms of mass reduction in personnel by most corporations, most likely that these companies will report on Wednesday better than expected, showing growth of profits (with the exception of Boeing ) the reduction of transaction costs.
Among the macro-economic data today to report a German research institute IFO sentiment about the business circles of Germany (12:00 Moscow time.) and the May figures for industrial orders in the euro area (13:00 Moscow time)..
In general, according to our forecasts, the dollar will continue on Wednesday strengthened against major European competitors. In the main currency tandem immediate goal - the level of 1.4140 dollars per euro.
For quotations on the world currency ruble segment to continue to be submitted during a particular exchange rate stabilization
Today, the RTS Index is an opportunity to get to the level of 1010 points
As leaders of the rising movement of today may be shares of oil and gas companies
Today, expect short-term market correction of EUR /USD up
Management CIT Group presented a surprise
Overview of the foreign exchange market for 22.07.09
Goskomstat: the Ukrainian operators in the I half of revenues decreased to 2.7%
Time to reduce costs
Exorcist market