12, August 2013

EUR/USD (a 4-hour chart)

EUR/USD (a 4-hour chart)

The dollar is getting ready for falling against major currencies a week before Chinese data that may add the signs of stabilization to Asian economy and rise of the demand for higher-yielding assets will be released.

Euro has reached its seven week maximum against the US dollar. The Australian dollar has fixed four days of profits before the central bank is going to proclaim its forecast of inflation.

The ICE index of the dollar, which is monitoring the movement of the American currency against 6 rivals, fell to 81.028 from 81.244 on Wednesday evening.

The WSJ index of the dollar which uses a wider basket fell to 73.34 from 73.56.

The American Bloomber index of the dollar which monitors the cost of American currency against 10 major currencies fell by 1.1 per cent since the 2nd of August to 1 017.73 at 8:27 a.m. in Tokyo, and that was the lowest level since 19th of June.

The euro exchange rate is $ 1.3381, which is the weekly increase of 0.8 percent. It rose to $ 1.34, the strongest level since June 19. Euro has not changed much against yen - 129.52, 1.4 percent weaker than August 2. Yen is 96.80 per dollar since 96.67 yesterday and 98.94 at the end of last week.

Economists also welcomed the recent results of the purchasing managers index which rose in July. PMI reached 50.3, the figure that shows a modest expansion.

The statistics showed the signs of better domestic demand. Imports of iron ore which is the important element in production of steel rose to the new monthly record 73140000 metric tons in July. And it is up 26% from a year earlier and 17% from June. Copper imports were at their highest level since May 2012.