09, December 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

The U.S. dollar fell to most major currencies on Thursday before Non-Farm Payrolls on Friday, despite the positive statistics on GDP and Unemployment Claims; GDP growth was mainly driven by growth stocks. The driver of dollar's weakening was growing yen amid the stock markets falling for several days along.

The euro rose after the ECB meeting, where interest rates were left unchanged as expected - but no new measures to support the economy was announced. The ECB President - Mario Draghi declared that the ECB has no plans to further monetary policy easing, although a negative deposit rate briefly discussed. The central bank raised its forecast for economic growth at the euro zone in 2014 to 1.1 % from 1 %, and repeated GDP decrease estimate by 0.4% for 2013. In 2015, according to the expectations of the ECB, the economic growth will accelerate to 1.5%. Estimated inflation in the euro area was reduced: in 2013 to 1.4 % from 1.5% and in 2014 - to 1.1 % from 1.3%.

The pound was decreasing on Thursday amid the Bank of England meeting, which decided to keep the rates unchanged and amount of asset purchases. Meanwhile, the growth forecast was improved for the UK economy the first time for 3 years. The UK government has raised the forecast for GDP growth in 2013 from 0.6% to 1.4 % and in 2014 - from 1.8% to 2.4%. Unemployment rate falls to 7% in 2015 and 5.6% - in 2018. Osborne declares that the UK economy grows faster than other developed economies.