EUR/usd
The US dollar keeps actively depreciating due to the renewed demand for risky assets. eurusd is hitting local highs, growing for seven out of the last eight days. Yesterday's high made 1.3138, afterwards the pair retraced, but still managed to remain above 1.31. As we see, the absence of important news is favourable for this pair. Yet, we shouldn't forget that the biggest share in this rally belongs to the poor data on employment and manufacturing activity in the US. Earlier each time it ended with a sharp outflow of money from risky assets and with appreciation of the US currency. However, till that triumph of justice and rationality as a rule there had been a few-month rally triggered almost by self-suggestion that the situation was stable and that the next step would be reduction rather than extension of economic stimulus. As has already been mentioned, we believe that the antirally of the dollar will hardly face any difficulty with reaching 1.35 or even 1.37, but it's hardly possible that the pair will hold out above 1.40 for long. When moving to its target the market often interprets one and the same event differently. Thus, the poor employment data last week were taken as a reason to sell the dollar. Yesterday the serious decrease in the unemployment claims (from 388K to 346K) was also regarded as a signal to sell the US currency. Only stock exchanges behaved in a different way, falling in the first case and growing yesterday.
GBP/USD
The British pound is just a little bit less confident in its rally against the dollar than the single currency. Yesterday gbpusd grew to 1.54. During the Asian session today the pair once again hit this level, but still feels some difficulty with consolidating at it. It's quite possible that today the pair will be retracing. It's often the case after weeks of the clear-cut trend. In the meantime, the cable has won back 31.8% of its drop from 1.6338 to 1.4830. The bears have to pull their socks up not to break the picture of the general downtrend.
USD/JPY
The Japanese yen has been hovering at 100 against the dollar already for two days in a row, but still doesn't venture to attack. It's remarkable that the pair is well purchased on the dips, which points at strength of bulls, who are simply waiting for the right moment to move up. When giving his first speech as the BOJ's chief, Kuroda mentioned that the policy he had approved last week was not restricted to a two-year span, but could be extended. He also admitted that the bond purchases by the Bank might produce a serious impact on the debt markets, but the authorities would do their best to smooth the process.
oil
Oil doesn't join the party with the growing risk demand and new historic highs hit by the US exchanges. The black gold is pressurized by the increase in the US raw materials inventories and also by yesterday's report of the International Energy Agency, which for three months in a row has been predicting decrease in demand for Oil. According to the fresh revision, the Oil consumption may prove to be the lowest in almost three decades.
