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News of the currency market: the US dollar decreased appreciably; the euro grew in price

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News of the currency market: the US dollar decreased appreciably; the euro grew in price
May 14
09:00 2018

To date, the US dollar has fallen to a record low against the single European currency.

The growth of the dollar stopped after the release of the report with rather weak inflation data of the United States. The reason was the investors’ extreme discontent with a slow growth of the interest rate in the US.

All participants of the financial market are waiting for an official statement about the current situation from the representatives of the US Fed. This event is scheduled for the middle of this week; it will certainly become significant for the behavior of the US dollar. We recall that the US Central Bank raised the interest rate in March this year and assured of two more possible increases in 2018.

Today, Loretta Mester, president and CEO of the  US Federal Reserve Bank, restated her opinion about  the gradual increase in the interest rate, taking into account that inflation had not reached  yet the target level of 2%.

Also, the attention of the financial establishment is focused on the upcoming report on retail sales in the US. According to Sean Callow, chief foreign exchange analyst at Westpac Banking Corp., getting statistics on retail sales in the United States is necessary to analyze information on consumer spending for the previous month. According to analysts’ forecasts, the growth in retail sales in the US slightly slowed down – from 0.6% to 0.3%.

The team of Money-Investing has prepared statistics on the dynamics of currencies as at 11:00:

  • The euro/ dollar rate increased by 0.26% – to the level of 1.1968,
  • The dollar/yen rate rose by 0.12% – to 109.53 US dollars,
  • The pound/dollar rate grew by 0.24% – to 1.3576 US dollars,
  • The Australian dollar/ US dollar rate went up by 0.16% – to 0.7553 US dollars.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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