EUR/usd
The single currency was gradually declining on Thursday, but this decline was very small. The pair got support at 1.3070. And today during the Asian session eurusd rose to 1.3140. The pressure on the dollar, about which we've been talking since the release of fomc's meeting minutes, is beginning to tell. We still stick to the opinion that the US currency will be getting weaker in the coming days and weeks. To some extent it is connected with the fact that other countries show more and more improvement. In regard to the USA, optimism is restrained because of the disappointing reporting from the US giant-corporations – Microsoft and Google. Anyway, S&P500 yesterday managed to set a full-fledged global high (not income-adjusted and not only on the basis of daily/weekly closes). Maybe the market participants already now should estimate the levels at which the US stocks are residing and consider if they are not too high. Well-balanced stats are shown by the labour market. The number of unemployment claims last week decreased by 24K to 334K, which is very close to the April highs, yet the number of continuing claims has grown by 160K over the last three weeks. But there is some unpleasant news from the USA. After many years of suffering the cradle of the American industrial production – Detroit – declared its insolvency. It is not all that optimistic in the US industry. The signs of economic rebalancing can hardly be seen. Let's be honest, they are absent – the same asset bubbles and growth of the services sector.
GBP/USD
Yesterday the sterling again was supported by the released statistics. Retail sales have grown by 0.2% monthly (not bad after a 2.1% increase a month before), in addition the stats for the previous periods were revised and reflected stronger annual growth (2.2%) of sales with auto fuel. It enlivened buyers of the British currency, helping it to move off 1.5150. At present the cable is already trading at 1.5230. The number of buyers may grow if attempts to break through today's high of 1.5250 and Wednesday's level of 1.5265 are successful.
USD/JPY
At the weekend Japan is to go through another election. This time to the Upper House. The party of Prime Minister Abe has every chance to win, which has supported the market over the last two weeks and intensified pressure on the Japanese currency. Anyway, today players are more cautious, locking in profits after the growth to 100.85. Now the pair is quoted at 99.50. The victory should inspire stronger confidence in the policy reforms, however, as it seems to us, all this and even more than this was built in the rates of the Japanese currency long ago.
AUD/USD
Despite the attempts to break through 0.93, the pair remained inside the 0.90-0.93corridor, where it has been trading over the last four weeks. The news feeds call this week the most lucky for the aussie since April, but only because the previous period was really terrible. The important resistance for the pair is seen at 0.93 – breaking through it can make the currency's prospects brighter.
