02, December 2014

Fundamental analysis

EUR/USD (a 4-hour chart)

The US dollar was able to strengthen its position against its main competitors. The pair EUR/USD is once again under the bears’ sentiment - according to the preliminary assessment the Eurozone CPI reduced to the level of 0.3% year on year in November that with the "black gold" sales has increased pressure on the euro. The rising quotations dynamics of the EUR/GBP cross-rate restrained the bearish pressure and did not allow the euro to return back to the 24th figure.

The pair GBP/USD once again suffered heavy losses on the last week – the traders got rid of the British pound amid the UK bond yields reduction. The GfK consumer confidence indicator showed two points decrease that also was negatively perceived by traders on the eve of the Christmas period. The consumer confidence decline can lead to the retail sales lower sales volumes on the eve of the New Year holidays. Against this negative background the pair lost 0.6%.

The Japan inflation and retail sales negative macroeconomic statistics strengthened amid the bearish trend in the commodity market demand. We should also note the household expenditure release which has been declining for seven consecutive months that is certainly negative for the Japan economic growth. Against this background we saw the strong bullish sentiment within the pair USD/JPY that caused the quotations growth by 0.79%. The pair slightly fell yesterday.